Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Twenty acres once slated to hold the Bellavita at Stetson Valley luxury condominiums is now in the hands of a local investor, courtesy of the Federal Deposit Insurance Corp. The acreage on the north side of town was the agency’s first area land since taking over assets from Arkansas National Bank.

Todd Braun, senior director with Cushman & Wakefield of Arizona Inc. says the property at 44th Avenue and Happy Valley Road was owned at one point by Weinstein Communities and sold to Jeff DeWitt for $2.1 million via sealed bid. Braun, who marketed the land with Cushman & Wakefield director Jim Crews tells GlobeSt.com that DeWitt will hang onto the land. “He believes when the market turns and development comes back into play again, the site will be well-positioned for that first round of development,” Braun comments.

He goes on to say that Scottsdale, AZ-based Weinstein Communities had begun site work on the acreage for the 249-unit Bellavita at Stetson Valley. Weinstein had gotten as far as pouring concrete for the underground parking garage podium when “he realized the condo market dried up, so he suspended that and the bank subsequently came in and foreclosed on it,” Braun says.

But the bank, Arkansas National Bank in Rogers, AR, also ran into problems, and shut down late last summer. “Once the FDIC took over the bank, they had us list two properties for them,” Braun remarks.

The other area asset formally financed by Arkansas National Bank is an 80-acre parcel in Casa Grande, AZ. The previous developer paid $13 million for the land, with ANB holding the $10 million mortgage. Braun says the land at Jimmie Kerr Boulevard and Cox Road carries a $1.6 million ask.

“That also went through a sealed bid, but it was ultimately determined that the property is better suited for more traditional marketing,” Braun says. He says the FDIC wants to sell the land in its entirety.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.