SWVP Venture Adds to Residential Land Holdings
June 29, 2009
Phoenix, AZ – Southwest Value Partners in San Diego, CA paid $6.5 million in cash to buy 162 finished lots and 20 completed homes within two subdivisions in Chandler and Surprise. The seller was a company formed by GMAC Mortgage Corp. in Duluth, GA. Both of the subdivisions were started by Brown Family Communities, a Tempe-based home builder that went out of business last year. GMAC foreclosed on the loans. The notes were secured by 102 lots within the Whispering Heights community in Chandler and 80 lots within the Greer Ranch subdivision in Surprise. There are also 20 finished homes in both projects. Whispering Heights is at the southeast corner of Lindsay and Chandler Heights roads. The home sites average 9,375 sq. ft. (75×125). Greer Ranch is at the southeast corner of Cactus and Sarival roads. The lots average 9,000 sq. ft. (75×120). Southwest Value Partners is looking for more residential land parcels in the Phoenix area.