Arizona land purchase illustrates distressed-property opportunities

05/31/2011 | Bloomberg

Arcus Property Solutions, a private-equity firm, has acquired a 10,200-acre plot of land in Goodyear, Ariz., for $32.5 million. Five years ago, a group of investors that included the California Public Employees' Retirement System acquired that same acreage for $400 million with plans to build a 42,000-home community. Lenders seized control of it in 2009.

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