Big Phoenix Land Purchase Suggests More Deals May Come

One of the largest land purchases in the Phoenix market in recent years is also one of the few that, so far at least during this area’s housing recession, have involved foreign purchasers. Last week, BM3 Holdings acquired 7,042 acres of raw land at Festival Ranch, north of Buckeye, Ariz., for $30 million in cash, or $4,260 per acre. Greg Vogel of Land Advisors Organization, which brokered the deal, tells BUILDER that BM3 Holdings is controlled by the Ni family, who are Taiwan-based investors who have been involved in land acquisition in Arizona as far back as 1990, according to records posted online by the Arizona Corporation Commission. (The state approved BM3 Holdings’ incorporation on Oct. 22.)

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