PHOENIX (Dec. 11, 2003) -- Pivotal Group has announced it is the successful bidder for the last large undeveloped parcel in North Scottsdale, offering $10.1 million in an auction held today by the Arizona State Land Department in Phoenix.

The 124-acre parcel, located east of Pima Road, between Happy Valley and Jomax roads, is adjacent to Desert Highlands, a luxury 850-acre community developed by Lyle Anderson in the early 1980s.

Pivotal Group, in collaboration with Geoffrey H. Edmunds & Associates, will develop a gated custom-home community on the property, zoned for one residence per 1.6 acres.

"We're delighted to be the winning bidder of this highly sought-after parcel and look forward to working with Geoff Edmunds once again following our successful collaboration on Esplanade Place and Cheney Estates," said Francis Najafi, chairman and chief executive officer of Pivotal Group. "Over the next few months, we will be involved in a very thoughtful planning process to ensure that the finest quality emerges for this choice piece of land."

Pivotal Group is a diversified investment company dedicated to the quality development of residential communities, resorts and office properties in Arizona and the Southwest.

Pivotal Group is the developer of the highly successfully Esplanade Place, a 12-story, 56-home luxury condominium high-rise community located within the renowned Camelback Esplanade in Phoenix, and Promontory, a second-home master-planned community in Park City, Utah, featuring golf courses by Pete Dye and Jack Nicklaus.

Scottsdale-based Geoffrey H. Edmunds & Associates, founded by Geoff Edmunds, specializes in the development of custom homes and luxury residential communities in Arizona. The family-owned business has achieved a reputation for its unique architectural style and design and superior craftsmanship and construction with premier communities in Scottsdale and Paradise Valley.

For more information about Pivotal Private Equity, visit www.pivotalgroup.com