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Petrus Partners of New York (Frank Walter, President), doing business in Tucson under the name of Crown West Realty, (Dean Wingert, VP) acquired 155 acres under an affiliate, Santa Rita Ranch III, LLC, for[mepr-show rules="58038"]$1.7 million. Located off Houghton and Camino Del Toro in southeast Tucson, the seller, Arizona Equity II, LLC (Eric Abrams, manager) had platted the property tentatively for 274 residential 50' x 110' and 60' x 110' lots ($6,200 per lot).
The transaction was part of a double escrow. In a prior transaction, Arizona Equity II acquired the property from P.I. Holdings No. 4, Inc. of Phoenix for $850,000 that was held under contract for about one year before reselling.
Southeast Tucson continues to experience rapid residential development. The area includes Davis-Monthan Air Force Base and the master planned communities of Rita Ranch and Santa Rita Ranch are both located in the heart of southeast Tucson.
The tentative plat is under review by Crown West to determine whether it will develop or resell the property. There were no brokers involved in the transaction. OK Rihl of Crown West says several builders are eyeing this area for expansion.
Petrus Partners is a privately held full-service real estate investment, development and management firm with offices in New York City, Phoenix, Denver, Tucson and Spokane. The ‘Petrus Partners-Crown West Group’ manages a series of discretionary investment funds totaling over $300 million of equity including $100 million dedicated to value-added investments in residential land. The Group owns and manages 6,000 residential lots and eight million sq. ft. of office, industrial, and mixed-use properties nationwide.
Crown West Realty can be reached at (520) 888-3962.[/mepr-show]