Recreational Investment Group LLP recently completed the $1 million purchase of 15.95 acres in Camp Verde, which its plans to develop into a new RV resort park. The vacant property, which is zoned C-3, is located at the northwest corner of Highway 260 and Dickison Circle, within the area’s Opportunity Zone and offers easy access to cities and communities along Interstate 17 and State Route 260.
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Opportunity Zones are an economic development tool created for the purpose of spurring economic growth and job creation in distressed areas and low-income communities in the United States by providing tax benefits to investors. The buyer successfully took the parcel from vacant, unentitled land through the process of engineering the site, obtaining town approvals, and permitting of the site, all during the term of escrow. Capri Barney with Land Advisors Organization’s Prescott office represented the seller, Verde Valley Holding Company LLC, in the transaction.
“It’s great to see this property becoming a use that will serve the broader community so well,” said Barney. “As an Opportunity Zone property with C-3 zoning, interest from RV community developers was high. Plus, given the property’s prime location, with convenient access and proximity to numerous Northern Arizona communities, developing a community with more affordable residential options makes perfect sense.”
Camp Verde, Arizona, has served as the gateway to the Verde Valley and Northern Arizona, making it an ideal location for workforce and retirement age housing. This parcel was within the seller’s larger portfolio of Opportunity Zoned properties in the Camp Verde Area. The portfolio contains only one more Opportunity Zone parcel.
