Arizona Land Ventures, a female-owned land investment and development company, closed on its first land acquisition deal on Aug. 25. Co-founders Jennifer Verma and Seema Patel purchased 50% interest in the 15-acre lot for $1.65 million.
Verma and Patel seek to work with investors on identifying ways to diversify their portfolios. They are actively searching for land acquisition and development opportunities throughout the Valley, including medical offices, commercial and other retail opportunities.
Verma also works as Chief Operating Officer for her father’s leading Phoenix-based land banking and development company, Vermaland. She was able to bring her expertise and background in urban planning and economic development to Arizona Land Ventures.
“I watched my father transform raw land into beautifully developed communities since I was a young child,” says Verma. “His work has inspired me to be a part of Phoenix’s expansion and growth. I’m excited to transition my career into land development and follow in his footsteps to eventually build something as impactful as Vermaland has been over the past 20 years.”
The property, located on a hard corner at Litchfield Road and Peoria Avenue in Surprise, Ariz., has already garnered interest from various commercial end-users. Much of the surrounding area is in an established residential area, so there is a high demand for commercial use property, especially as the city continues to grow.
“We are seeing significant changes to the migration patterns of the area,” says Patel, who has more than 15 years of corporate experience and has recently consulted entrepreneurial companies. “Land is rapidly selling, and within the next six to twelve months, we foresee it becoming increasingly difficult to find land that consists of pre-existing infrastructure. The immediate and most logical step is to secure land that offers development opportunities.”
Anita Verma-Lallian, founder of Arizona Land Consulting, found the site and assisted Arizona Land Ventures in the successful closing of the deal.
“It’s exciting to work with a new generation of real estate professionals, including my sister, Jennifer”, says Verma-Lallian. “With the unprecedented growth we are seeing in the Valley, I am especially thrilled to see the talented women of our industry rise to the occasion and secure land that will help push the development of new infrastructure in the current wave of migration we are experiencing. That is an amazing thing that I am proud to have been a part of.”