By: Paul Dionne | Vizzda
Site Plan Rendering for Avilla |
A piece of land in the master-planned Palm Valley community
that was previously planned for commercial development was acquired from an
investor group on Friday and will now be developed as density housing.
Tucson-based rental property developer NexMetro Communities paid $2,344,795 or $5.55 per
square foot for the northwest hard corner of Falcon Drive and Indian School
Road in an all cash deal. The seller was a special purpose entity controlled by
Wayne Howard, Joseph Meyer Jr. and Paul Johnson Jr. NexMetro owns or is
actively building over 1,000 single family residences for rent in metropolitan
Phoenix and the Dallas/Fort Worth metroplex and plans to expand into other
sunbelt markets in 2015.
The 9.698-acre graded parcel conveying as Tract P of Palm
Valley was platted as Future Commercial Use in 2004 but was rezoned to high
density residential following approval from the Town of Goodyear in February of
this year. Plans, as submitted, call for 125 courtyard and townhome dwellings
comprised of twenty-six one-bedroom units at 636 ft2, sixty-two
two-bedroom units at 966 ft2 and thirty-seven three-bedroom units at
1,244 ft2 in freestanding, 1-story buildings totaling 122,396
rentable square feet. There will be 250 parking spaces—including twenty-eight
garages—on site and the project is approved for a density of 12.88 density
units per acre.
Tract P was previously acquired by a different investor
group than the current sellers in February of 2006 for $3,802,086 or $9 per
square foot from Suncor Development as master developers of Palm Valley. That
sale included $2,471,950 in purchase money debt with Marshall and Ilsley M
& I Bank. M & I noticed the property for Trustee Sale in October of
2008, but before it could be foreclosed upon, the current sellers purchased the
note and were able to take possession of the property with a $770k credit bid
in early 2009. Documents on file with the town of Goodyear indicate that
NexMetro has been pursuing re-zoning of the parcel since at least September of
last year.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
No comments:
Post a Comment