QUANTUM VENTURE CONTINUES TO STOCKPILE HOME SITES...

A joint venture formed by Quantum Capital LLC in Phoenix (Dave Cornwall, Ryan Kealy, Augustine Gomez and Chris Barr, principals) and Dolphin Partners Inc. in Irvine, Calif. paid $2.867 million to buy 120 finished lots and five completed homes within the Cantada Ranch subdivision in Avondale. That partially built subdivision is at the southeast corner of El Mirage and Lower Buckeye roads. The seller was Montalbano Homes of Arizona Inc. in Oakbrook Terrace, Ill. (Anthony Montalbano, pres.). The cash transaction was brokered through George Cannon of The Hogan Group in Scottsdale. Montalbano started the project and sold 126 residences before giving up on the project. The deal with the Quantum/Dolphin venture was a short sale. The developed lots average 6,325 sq. ft. (55x115), 7,475 sq. ft. (65x115) and 9,775 sq. ft. (85x115). The completed residences include four former models and a spec home. The completed units will be resold by the new owner.

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