sold

Maracay Homes buys 31.89 acres in Gilbert

Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), closed on a $4.26 million purchase of 63 lots in Gilbert’s fast-growing southern region.

Jeremy Lovejoy and Brian Stillman of Insight Land and Investments brokered the transaction between Maracay and the seller, Hari C. Puri.

Maracay plans to develop the 31.89 acre land parcel into an upscale, gated enclave to be marketed as Marathon Ranch and feature a mix of spacious, all-single-story floor plans ranging from approximately 3,400 to 4,040 square feet.

The homesites are 12,600 square feet (90×140), and will offer homes priced in the mid to upper $400,000’s, said Maracay Homes Vice President of Land Acquisitions and Development Tom Lemon. Maracay will complete land development and open for sales in the first part of 2018.

“When we unveil Marathon Ranch to the public early next year, it will join Maracay’s The Preserve at Adora Trails as our second neighborhood to open in south Gilbert in less than a year,” Lemon said. “And, that isn’t by accident. This area, in particular, is one of the fastest-growing regions of the Valley, not only for its close proximity to top-rated schools and major employment hubs, but also because it offers convenient access to Phoenix’s big-city amenities while maintaining its rural charm. Homebuyers will enjoy views to San Tan Mountain and access to regional trails and outdoor recreation opportunities.”

Marathon Ranch is situated one-quarter mile south of Riggs Road on 156th Street, just minutes from Gilbert’s iconic downtown area and thriving entertainment district with shopping, dining and other amenities via the Santan Freeway and nearby major expressways.

POSTED: . TAGS: , , , ,

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.