Aspire Real Estate Investments makes first acquisition
Aspire Real Estate Investments (Branden Lombardi, Zach Sakas, principals) announced its first acquisition since the formation of the residential land investment focused company, with the successful acquisition of +/- 40 acres of raw land at the northeast corner of Jomax Road and 120th Street in Scottsdale, Arizona. This property is one of the last remaining large parcels located in the Troon area of North Scottsdale. The seller was Pittsburgh, Pennsylvania based HHL Land Company (Herman Lipsitz & Barbara Katch), represented by Bret Rinehart and Ryan Semro of Land Advisors Organization. Ryan Rosensteel of Berry, Riddell and Rosensteel represented the buyer as General Counsel and Thomas Title and Escrow handled the transaction and closing.
The property currently has preliminary plat approval for a gated community of thirteen (13) three-acre lots and is adjacent to the Scottsdale Preserve.
“It is great that we have closed on our first transaction as a company, but more importantly we acquired a great piece of land in a highly desirable area. The property is in an area with a history of exceptional community development which we plan to continue as we move forward” says Branden Lombardi, Founding Principal at Aspire Real Estate Investments.
Aspire Real Estate Investments intends to hold the property as they determine a development plan for the property in the coming months.