By: Daniel Benson; Belfiore Real Estate Consulting
Watt Communities of Arizona continued its infill acquisitions spree with its latest Downtown Phoenix closing. According to public record (click here to view the affidavit), Watt New Leaf – Roosevelt LLC closed on an approximate 1.58 acre site north of the intersection of 8th Street and Roosevelt Street. The deal closed October 24, 2014 for $1,475,000 ($935,320 per acre).
According to Steven Pritulsky (CEO; Watt Communities of Arizona), the site is zoned R-5, and Watt is pursuing a site plan to accommodate approximately 30 – three-story townhome units. Watt is currently at a pre-application status with the City of Phoenix.
Watt continues to look for smaller (five acres and under) infill sites to build higher-density single-family product. Have a site that meets this description and looking to sell? You can reach Mr. Pritulsky at (602) 803-0268.