Phoenix, AZ – An entity formed by Southwest Value Partners and economist/investor Elliott Pollack of Elliott D. Pollack & Co. in Scottsdale paid $12.25 million to buy 350 acres located along the west side of the alignment of 227th Avenue and along the north side of the alignment of Pinnacle Peak Road in Surprise.
The seller was a company formed by investor Peter Gooding of Scottsdale. The property is zoned for 1,022 single-family lots, but the parcel will likely be planned for 947 home sites. Some of the product will be cluster units and the bulk will be 55- to 90-foot wide lots.
The community is being called Buena Vista Ranch. Pollack sees an eventual turn around in Valley home building activity. “The long term outlook is excellent,” says Pollack. “The near term is still very much in question.” Over the years, Southwest Value Partners and Pollack have been reported buying and selling numerous properties in the Valley.