Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), purchased 204 homesites in the trending South Mountain submarket of Phoenix, Arizona. The $10.5 million purchase represents the first phase of a Maracay Homes master-planned development that will feature approximately 650 homes on the site of the former Vistal Golf Club.
Ryan Duncan of Nathan & Associates Inc., brokered the Phoenix transaction between Maracay and the seller, Grayhawk Development Inc. Maracay plans to develop the 83-acre parcel into an upscale, gated community to be marketed as Vistal at South Mountain.The community’s location in the South Mountain foothills provides panoramic views of the downtown Phoenix skyline, Camelback Mountain, Piestewa Peak, the Estrella Mountains and the Valley floor. Home sales are expected to begin in early 2019.
“This first phase of Vistal will present homebuyers a phenomenal opportunity to get in on the ground floor of a new master-planned community that marries the convenience of an infill location with the natural recreational opportunities of having South Mountain Park – the largest municipal park in the United States – as their own personal playground,” said Maracay Homes President Andy Warren. “For anyone who values a healthy, outdoor-oriented lifestyle, plus access to big-city amenities and major employers, this site is unparalled.”
Bordered by 14th and 7th streets on the east and west, and Dobbins Road and South Mountain Park on the north and south, Vistal’s location is just six miles from downtown Phoenix and eight miles from downtown Tempe, affording residents plenty of time to squeeze in an outdoor morning workout before beginning their brief commute. South Mountain Park’s nearly 70 miles of trails allow visitors of all ages and abilities to hike, mountain bike and commune with nature across its 16,000 acres.
And though the park’s natural setting, diverse vegetation and wildlife may make it seem like a world away, Vistal actually is just a few minutes’ drive from Tempe’s historic Mill Avenue, Phoenix Sky Harbor International Airport, entertainment centers, shopping and sports venues, schools and much more. Inside the gated community, plans call for a full slate of luxury amenities, including a swimming pool complex, recreational trails and plenty of open space.