A 1,086-acre portion of the Lake Pleasant Heights master planned community in Peoria was sold for $35 million to a joint venture between Florida-based Avanti Properties Group and Scottsdale-based Voyager Investment Properties LLC, according to Land Advisors Organization.
Land Advisors Organization represented the sellers, a joint venture between Oaktree Capital Management, Gibraltar Capital and Sabal Financial Group, on the $35 million deal.
Voyager, will complete entitlements for the property and Land Advisors Organization will have the marketing assignment moving forward for the community.
Lake Pleasant Heights is planned for up to 2,800 units and is located north of the Vistancia Community.
Lake Pleasant Heights is expected to be built out in three phases and will include residential, multifamily and commercial land uses along with room for 220 acres of parks, hillside/open space and a future elementary school site.
“Land Advisors Organization has been working with the various owners of Lake Pleasant Heights for the past ten years. We look forward to marketing the property to the home building community and other end-users,” said Mike Schwab, principal and designated broker for Land Advisors Organization.