ARCUS Pays $33M for 10,200-Acre Master-Planned Site

GOODYEAR, AZ-The firm buy the Amaranth master-planned community out of foreclosure at a per acre price reminiscent of the early 1990s.

By Jennifer Duell Popovec | Updated on May 31, 2011

GOODYEAR, AZ-ARCUS Private Capital Solutions LLC has acquired 10,200 acres known as the Amaranth master-planned community for $32.5 million. The company, based in nearby Gilbert, is led by Andrew Martin and Denny Barney.

ARCUS bought the land out of foreclosure from Amaranth Land LLC, a consortium of three banks led by Goldman Sachs. The lenders took back the property in June 2009 from the previous owner, Scottsdale, AZ-based Montage Holdings, which was unable to maintain debt service on the $250 million note.

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