Plans Call for a Build-for-Rent Community, Bringing New Housing Inventory to the Verde Valley
Prescott, Ariz. (March 13, 2023) – Camp Verde Land Holdings III, LLC, a developer of rental and affordable housing, purchased 26.63 acres in Yavapai County’s Opportunity Zone, with plans for a build-for-rent community and a commercial component.
Capri Barney with the Prescott, Arizona, office of Land Advisors Organization represented the seller, Verde Valley Holding Company LLC in the disposition of the property at the SEC of Highway 260 and Homestead Parkway, located in Camp Verde, Arizona. Verde Valley Holding Company has two additional land parcels in their portfolio that remain for sale in the Opportunity Zone.
“The Verde Valley in general has a lack of housing inventory, and particularly a lack of affordable housing,” Barney said. “Unlike many municipalities that resist the rezoning of properties to allow for higher density and affordability, the Town of Camp Verde has been willing to allow the development of higher density projects to help fill the housing needs of the members of their community.”
The flexible C-2 zoning of the property purchased by Camp Verde Land Holdings III, LLC allows for a broad range of business and residential uses, including multi-family, manufactured, modular and/or site built. The remaining properties with RR-2A (rural residential) and C-3 (commercial use) zoning provide high visibility along Highway 260 and are in an area of strong growth.
The land is in an Opportunity Zone, an economic development tool created for the purpose of spurring economic growth and job creation in distressed areas and low-income communities in the U.S. by providing tax benefits to investors.
The buyer was co-represented by Bryce Perez of Re/Max Fine Properties and Celtic Property Management.