Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE:TPH), closed on a two-parcel, $31 million land purchase at The Meadows, a master-planned community located in the fast-growing northern section of Peoria, Ariz..
The acquisition — in combination with an additional $17 million land purchase by the homebuilder 15 months earlier at the same location — represents the largest homebuilder transaction in Peoria since the Great Recession.
Camino A Lago, LLC, an entity controlled by Communities Southwest Management, Inc., sold the two parcels totaling 142 acres to Maracay Homes, which plans to develop 299 homesites at the northwest corner of Deer Valley Road and 91st Avenue.
This acquisition adds to the 173 homesites Maracay currently is developing at The Meadows as part of the neighborhood’s first phase. Maracay began constructing model homes at The Meadows earlier this month and will open for sales on the first phase in September. The two newer parcels will be in land development through the end of the year.
With oversize homesites offering more than a half-acre of land on the largest lots, homebuyers at The Meadows will find plenty of room for detached or attached accessory garages to accommodate boat or RV storage, more elbow room between homes and large backyards for family fun.
Eight distinct single-story floor plans range from approximately 2,500 to more than 4,500 square feet and include FlexDesign selections for optimum customization. Luxurious appointments, including indoor/outdoor fireplaces, six-foot-long free-standing bath tubs, corner sliding glass doors and more, are available, depending on the plan. All homes are supplied with natural gas, are Energy Star certified and include Maracay Homes’ LivingSmart program for high performance and cost efficiency.
North Peoria (increasingly referred to as NoPo) is becoming one of the metro area’s most sought-after destinations for its blend of year-round recreation and entertainment opportunities. Active families and weekend warriors alike flock to the area where Lake Pleasant stretches across 10,000 acres, offering an oasis of recreation activities, from wake boarding, water skiing and kayaking, to fishing, sailing and paddle boarding.
Beyond the waterfront, this part of the city boasts multiple desert parks that provide easy access to hiking trails and horseback facilities via multiuse paths that skirt the area’s regional and municipal parks. Peoria’s park system is praised for seamlessly blending the surrounding natural beauty with the city’s burgeoning urban lifestyle – which is fast-becoming a national destination for its mix of urban amenities and resort-like lifestyle.
Peoria also lays claim to the Challenger Space Center, a rich cultural scene, top-rated golf courses and sports centers, attractive dining and retail hubs, and an emerging market of high-wage companies and major employment corridors.
An innovation hub will also be coming to Peoria’s P83 District near 83rd Avenue and Bell Road.