Bellago Homes Purchases 2 Acre Site in Phoenix’s Newest and Hottest Real Estate Niche: Infill Multi-Family Development
November 9th, 2014 | top of page
Phoenix, Arizona (November 3, 2014) – Bellago Homes, a Mesa–based developer with three, one-of-a-kind single family home neighborhoods in Phoenix, has entered the hotly contested infill, multi-family development arena with its newest acquisition.
Bellago Homes dba Funk Family Enterprises, LLC purchased a two acre site on 48th Street about a quarter mile south of McDowell Road. The site, which is surrounded by over 20 multi-family projects up and down 48th Street including the 368 unit Class A Courtney Village Apartments and the 44 unit Papago Point Townhomes, is the last undeveloped parcel on 48th Street in this neighborhood making it a true infill site.
The land was acquired in 2006 by Sandstone Residential, LLC and was subsequently rezoned in 2007 to the R-3A (Multiple Family Residence District) designation. It was planned as a 34 unit town home development called Sandstone.
The site had been on the market for quite some time before PRAEDIUM Advisors, Inc. (Victor Allison | Designated Broker) was given the marketing assignment by Sandstone. PRAEDIUM Advisors has been working the infill, multi-family development niche for over a year and has accumulated a stable of hundreds of small developers to whom a site like Sandstone would appeal. Allison had only been marketing the property for a few days before he received his first offer. Although that deal did not come together, it was only a few weeks before Allison brought Bellago to the table.
Sandstone was motivated to get this property off their books and Bellago recognized a great opportunity. According to Allison this was one of the quickest deals he’s put together as both parties were easy to work with and performed according to the contract.
Bellago closed on the site for $280,000 one month after its 30 day due diligence period. Bellago was not represented by a real estate broker.
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