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A Mesa private equity firm purchased 102 residential lots in Queen Creek for $3.6 million.

 

Arcus-Lucia LLC, a company formed by Arcus Private Capital Solutions in partnership with Arcus Equity I, bought the land located on the northeast corner of Ocotillo and Sossaman roads.

 

The land had been owned by Element Homes, but was taken back by the lender, JPMorgan Chase Bank NA earlier this year.

 

Element Homes had been formed by former Del Webb Corp. executives and was doing well at the height of the housing market. The local home builder fell on hard times in 2008 and scrambled to hold the business together.

 

In October 2008, the Phoenix Business Journal reported that JP Morgan Chase had foreclosed on a $125 million loan to Element Homes. Various subdivisions and land were taken back by the bank and placed into a company called EHJP Property Holdings, LLC.

 

Land Advisors Organization had the assignment to sell the bank-owned portfolio of 695 total lots, representing eight Element Homes subdivisions.

 

According to Land Advisors, Element Homes did not file for bankruptcy, but no longer exists as a company.

 

Phoenix Business Journal - by Jan Buchholz Monday, September 14, 2009, 11:28am MST

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