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| February 26, 2010
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| MIXED-USE SITE IN GLENDALE PURCHASED BY SCOTTSDALE INVESTOR
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| Glendale – Dovi Enterprises LLC in Scottsdale (Hilton Efune, Melanie Efune, principals) paid $1.5 million to buy a 25.75-acre mixed-use parcel at the southeast corner of 71st and Olive avenues in Glendale. The seller was Arizona Illinois REO Trust and Falcon Greens/71st & Olive Trust in Des Plaines, Ill. That entity was formed by Midwest Bank & Trust Co., which foreclosed on the property from the previous owner. The buyer was represented by Matt Rinzler of Insight Land & Investments in Phoenix. Bret Rinehart and Ryan Semro of Lee & Associates Arizona Inc. in Phoenix worked on behalf of the seller. Dovi Enterprises paid cash for the land. In June 2007, BREW reported Montalbano Homes of Arizona Inc. in Oakbrook Terrace, Ill. assembling the site and planning a mixed-use project. The planned development, which is called Kalamata, includes 12.56 acres targeted for 254 multi-family units, 10.64 acres for 79 single-family homes and a 2.23-acre commercial site. Efune says he will immediately start the process of installing off-sites and will look to develop the property as the market dictates. Efune may develop all or a portion of the property and will consider taking on joint venture partners. Efune, who has developed more than 600 apartment units in three Valley projects, will likely develop the multi-family parcel at Kalamata. Financing still to be arranged. Efune says he is looking for additional distressed properties in the Phoenix area that are suitable for future development. “I’m always in the hunt for good deals,” says Efune. Find out more from Efune at (602) 677-5667. Reach Rinzler at (602) 385-1534. Talk to Rinehart and Semro at (602) 956-7777. |
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