A townhome development near the heart of Scottsdale was sold for $1,000,000 to Scottsdale-based LNR Holdings LLC, according to ORION Investment Real Estate.
The development, located at 70th Street and Earll Drive, contains a home and a duplex, which were vacant at the close of escrow.
ORION represented the sellers, 70th St. And Earll Townhomes LLC, and George Wanner of Keller Williams Realty Sonoran Living represented the buyers, LNR Holdings.
The land was rezoned to R-3 prior to its sale. This project is yet to go through the design and review board phase, which will allow the new owners to have a large part of the creative process for the rest of the development, said Zach Mishkin, vice president of ORION Investment Real Estate.
“In many development projects there comes a point where the developer contemplates passing the torch to another developer or builder, instead of proceeding to complete the project themselves. As was the case with the Earll Townhome Community sale,” Mishkin said.
This project is within biking and walking distance to some of Scottsdale’s most renowned hangout spots. The previous owners have created a concept design of a 10-unit townhome community on the property with Michael Hauer Architecture.
