Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the purchase of 241 pre-platted homesites on 82 acres in Chandler. Maracay utilized a land banker, Hearthstone, to close the deal. The $24.6 million purchase is in addition to the nearby 160 acres Maracay purchased in Gilbert in 2018, which is currently under development.
This parcel located next to Veterans Oasis Park at Lindsay Road, south of Ocotillo Road, comprises 241 pre-platted homesites acquired from Lindsay 80, LLC, an entity owned by the Berge family. Brian Hanger of Latigo Land & Capital in Chandler brokered the transaction between Randall Blum (REB Limited) on behalf of the Seller and Hearthstone.
Maracay continues to build in the area, in part, due to the recent economic growth in the region. Nearly 5,000 jobs were added in the East Valley during the first half of 2018 and thousands more are expected in 2019 as major employers like Wells Fargo & Co., Deloitte, AllState, Liberty Mutual Insurance and many others build or expand operations in the immediate area.
“This particular region is among the fastest growing in the country, and for good reason. With a thriving job market, top-rated schools, and shopping and dining options available on nearly every corner, home shoppers are increasingly looking to live in East Valley,” said Maracay President Andy Warren. “We’re excited to have completed this assemblage of land and even more excited to bring these communities to life with carefully crafted homes and rich amenities that cater to individuals and families who embrace Arizona’s amazing indoor-outdoor lifestyle.”
The new gated community on this parcel will be marketed as Canopy and will be designed according to the principles of Vatsu Shastra, a traditional system of architecture that integrates nature, functionality, symmetry and directional alignments to create an enhanced living environment. A central paseo and central park will be designed with raised garden beds, ornamental grasses and pergolas to create a sense of serenity for residents and visitors. Other amenities include a pedestrian trail system that will connect the community to Veteran’s Oasis Park with miles of trails, a 7-acre urban fishing lake and a nature center.
Homesites will range in size from approximately 6,600 to 9,750 square feet, with many boasting up to 160 feet in depth. The community will feature a mix of one- and two-story homes, ranging from approximately 2,331 to 3,730 square feet. The first phase of the community is expected to open in 2020.
For more information on Maracay, please visit www.MaracayHomes.com.