An Investment firm, Virtua Partners, acquired 60 acres near South Mountain at the northwest corner of 35th Avenue and Carver Road with plans to revise existing entitlement on the land for single-family residential housing.
After Virtua Partners revises the entitlements on the land, it plans to sell the property to a home builder.
The land was purchased for $18,333-per-acre, or $1,099,980. Previously, the land had been approved for 22 custom lots and 99 patio homes.
Virtua’s Phoenix-based affiliate, Quyp Development, will develop the property. It is located near Carver Mountain with views of Downtown Phoenix.
Versant Commercial Brokerage Inc., another affiliate of Virtua Partners, assisted with the capital raise for the property. Boustead Securities underwrote the securities and Property Dimensions Group represented the buyer.