PHOENIX, May 18, 2016 /PRNewswire/ -- Quyp Development announced today that it has acquired approximately 143 acres of undeveloped land in Peoria, Arizona. The site surrounds a 57-acre lake in Peoria west of Lake Pleasant Parkway and Dixileta Drive. Current plans call for up to 1,920 units of single family and multi-family residential. The property was purchased for $4.0MM and has one and one half miles of lakefront.
"This is an exceptional property and we are excited to have the opportunity to develop it," stated Quinn Palomino, owner Quyp Development. "The natural beauty of the topography, water and vegetation is unique. The City of Peoria has done an amazing job with the surrounding development and infrastructure, and we look forward to working closely with them."
Versant Commercial Brokerage Inc. assisted Quyp Development with the property acquisition and capital raise. "We brought this deal to a select group of our investors and it filled up quickly," commented Derek Uldricks, Vice President at Versant. "We structured the transaction with no debt in order to reduce risk and enhance flexibility."
This is the seventh property acquisition for Quyp Development in the Greater Phoenix market, including projects in Mesa, Avondale, Tolleson, Goodyear, and Phoenix. Cathy Cheshier from Property Dimensions Real Estate Group represented the seller.
About Quyp Development Services
Quyp Development Services is owned by Quinn Palomino, a Phoenix and San Diego based entrepreneur. Quyp Development has additional development projects in Texas, Missouri, Nevada and Tennessee. Quinn also owns Clear Vista Management, an asset management firm based in San Diego, and is a founder and principal of Virtua Partners, Versant Commercial Brokerage, and Saffire 1031.
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SOURCE Quyp Development Services