Cushman & Wakefield Negotiates Sale of 92 Finished Lots
PHOENIX, Dec. 7, 2017 – Cushman & Wakefield completed the sale of Arcadia Gardens, located at 3101 North 32nd Street in Phoenix. RP Cushman & Wakefield announced that 16th and Southern LLC/SMCPOG LLC sold 92 finished lots at the northwest corner of 51st Avenue and Broadway Road in Phoenix for $3.266 million to Scottsdale-based JCH Land Co., LLC, an entity owned by Joseph Carl Homes. Brian Rosella of Cushman & Wakefield represented the seller.
Phoenix homebuilding veterans, Carl Mulac and Stephen Adams, founded Joseph Carl Homes originally in 2009 to focus on active adult living in Estrella Mountain Ranch and other parts of the Valley. The pair parted ways shortly after but have reunited to revive Joseph Carl Homes to develop state-of-the-art eco-entry level housing.
“Energy efficiency is prevalent in high-end custom homes,” said Adams. “We aim to extend that sustainable living to first-time homebuyers, as well. Not only will our buyers appreciate the affordability in our home prices, but they will enjoy the long-term utility savings of owning a Joseph Carl home. That’s providing true affordable, sustainable living.”
Joseph Carl Homes’ first community, at the northwest corner of 51st Avenue and Broadway Road, will offer 92 single-family homes in the community of Riverbend located in south Phoenix. According to Brian Rosella, “Joseph Carl Homes chose Riverbend because they see potential in the underserved entry level market.” With control of over 500 lots in Metro Phoenix, in addition to this community, Joseph Carl Homes in primed for growth.
“Phoenix remains one of the top homebuilding markets in the country, but with popularity comes rising prices,” said Mulac. “With the median new home sale price in Phoenix near $300,000, it’s time we bring back affordability and the dream of homeownership to many more residents.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.