SWVP/Pollack Partnership Buys 254 Lots From Richmond American
December 24, 2007
Phoenix, AZ – A company formed by Southwest Value Partners, including Phoenix Suns managing partner Robert Sarver, and land economist/investor Elliott Pollack of Scottsdale paid $4.572 million to purchase 254 partially improved lots within the Centerra planned community in Goodyear. The detached cluster home sites are located at the northeast corner of Estrella Parkway and Yuma Road. The seller was Richmond American Homes of Arizona Inc. in Phoenix. The detached cluster lots average 3,400 sq. ft. (40×85). The Southwest Value Partners/Pollack partnership plans to hold the property for investment. The 300-acre Centerra community is targeted for 1,000 single-family residences and includes commercial and multi-family uses. Over the years, both Southwest Value Partners and Pollack have been reported to be involved in a number of real estate investments in the Phoenix area. The investors are looking for additional deals in the Valley. Richmond American, a subsidiary of Denver-based MDC Corp. (NYSE:MDC), has been selling some of its lot inventory in the Phoenix area.