Cushman & Wakefield, a global leader in commercial real estate services, announced today that locally based Garrett-Walker Homes purchased 70 finished lots within the master-planned community of Del Rio Ranch in Avondale, Ariz. for $2.76 million.
Cushman & Wakefield Vice Presidents Brian Rosella and Will French represented Drexler Enterprises Inc. of Phoenix, seller of the property.
“Garrett-Walker has continued to capitalize on the slow market for lot sales over the past 12 months,” said Mr. Rosella. “They have been actively buying lots in Arizona while many of the large public builders have been waiting on the sidelines. In a couple of years, we will look back and see that Garrett-Walker Homes was smart to buy when they did because they will have hundreds of lots in their inventory.”
Del Rio Ranch is a 320-acre master-planned community located south of Interstate 10 at Avondale Boulevard and Lower Buckeye Road. Developed with a focus on open spaces, the community includes walking trails with exercise stations, two community parks with covered ramadas and BBQ areas, and multiple athletic facilities including volleyball and basketball courts and open grass areas for soccer, baseball and softball games.
Garrett-Walker Homes has been building homes in Arizona for over 25 years. Currently, the company has nine new home communities it is marketing in Arizona including Phoenix, Peoria and Prescott Valley.