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| April 17, 2009
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| INVESTMENT GROUP PAYS 11+ MILLION FOR 1,528 DEVELOPED LOTS AT TARTESSO WEST
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| Buckeye – A company formed by a group of investors, including Dolphin Partners Inc. in Irvine, Calif. and Quantum Capital in Phoenix (Dave Cornwall, principal), paid $11.078 million ($7,250 per lot) to acquire 1,528 finished lots within the Tartesso West community in Buckeye. The seller in two sales were companies formed by investor Jerry Bisgrove of Stardust Development Inc. in Scottsdale. Stardust Development had previously committed to selling the single-family home sites to multiple Valley builders. The home builders did not exercise take down options to purchase the lots, which range from 5,160 sq. ft. (43x120) to 9,100 sq. ft (70x130). Tartesso West is at the southwest corner of Sun Valley and Tartesso parkways. Cornwall says his investment group intends to hold the lots until the housing market rebounds in the Valley. He estimates it could be four to six years before they sell the home sites. Records show Tartesso Partners LLC paying $9.35 million to acquire 1,261 lots. The seller was Tartesso 1261 LLC in Scottsdale (Chris Heeter, manager). And Tartesso Partners LLC paid $1.728 million to purchase 267 home sites. The seller was Stardust Charitable Fund (Bisgrove is president of that philanthropic entity). Cornwall and his partners now control more than 3,000 lots in Maricopa and Pinal counties. Cornwall says he is interested in buying additional finished home sites in the Phoenix area. Cornwall adds that the Tartesso West deal is the 12th investment he has been involved in with various ventures over the past year. Of those, nine are note investments that are secured by real estate. The other three are residential lot deals. Last month, BREW reported a company formed by Cornwall paying $1.868 million to purchase 170 finished lots within the Villago community in Casa Grande. That project is located near the northeast corner of Highway 387 (Pinal Avenue) and McCartney Road. In February, BREW reported another company formed by Cornwall paying $2 million to buy 222 finished lots in Coolidge. The home sites are located at the northeast corner of Woodruff and Curry Roads. Find out more from Cornwall at (602) 385-1544. The phone number for principals of Dolphin Partners is (949) 852-9230. Talk to Heeter at (480) 607-5800. |
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