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Snowdon Partners Acquires Land in Two Phoenix Area Subdivisions
Acquisition is part of strategy to acquire distressed land and building in growth markets
News Release
July 24, 2009
HousingZone
PHOENIX, July 22 -- Snowdon Partners, a private equity real estate investor and its joint venture partner Encanta Homes have acquired home lots in the Felty Farms and Sossaman Estates subdivisions located in Phoenix, Arizona's East Valley. The new venture purchased the land from Capital Pacific Homes. The finished lots are for single family homes, including some that will serve both first-time homeowners as well as move-up buyers. The transactions include lots in:
Felty Farms, a well located residential subdivision in Gilbert and Sossaman Estates, a larger sized residential lot subdivision in Queen Creek, both high-growth Phoenix area suburbs. Snowdon intends to sell and/or option land to public and private homebuilders and also provide joint-venture financing to other real estate participants.
The purchase is part of Snowdon's strategy of selectively acquiring distressed land and buildings in key growth markets. These recent transactions fall under that approach as the company is aggressively targeting finished lots, partially finished lots and underperforming commercial real estate across the country.
"The solid underlying fundamentals of the Phoenix market, including strong migration, attractive cost of living and recreational activities provide an encouraging outlook for the Phoenix market in the long-term," said Scott Curtis, a Director of Snowdon Partners. "In the current environment we continue to find significant opportunity in value impaired and distressed commercial and residential real estate in all development stages, from income producing properties to raw land."
Snowdon looks to acquire, manage and redevelop distressed assets with a focus on restructuring or repositioning the properties.
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.
