Castle Hill Partners, an Austin-based community developer, purchased the 5,261-acre master planned community project known as Saddleback Heights. The parcel is the largest remaining undeveloped master planned community project site in the city of Peoria, Arizona. The sale price was $106,582,887, according to Vizzda.
Saddleback Heights was initially planned in the 1990’s. Castle Hill Partners has immediate plans to commence development of the site. The purchase marks the developer’s first master planned community development in Arizona. Land Advisors Organization professionals Greg Vogel, Ryan Semro, Bret Rinehart, Mike Schwab and Wes Campbell represented Vandon Partners, LLC, a partnership between Diamond Ventures and VT LandGroup, the seller in the transaction.
“This is one of the highest quality sites for a new master planned community we have seen in our search of the major U.S. growth markets,” said John McKinnerney, principal with Castle Hill Partners. “We are excited to begin our development journey with the city of Peoria and create a lineup of high-quality builders that will allow us to provide a variety of new home options and desirable community amenities for future residents.”
Vandon Partners representatives David Goldstein, president of Diamond Ventures, and Chris Haines, president of VT LandGroup, expressed their support of the new community developer stating, “We look forward to Castle Hill Partners developing the property into a vibrant North Valley master planned community.”
Saddleback Heights is set amongst the natural Sonoran Desert foothills in the northwest Valley, providing panoramic mountain views, excelling schools, parks, trails, significant open space and only minutes to the popular Lake Pleasant recreational area. Located in the immediate path of growth along Highway 74, the development is adjacent to the popular Vistancia community and only 15 minutes from Taiwan Semiconductor Manufacturing Company’s (TSMC) $12 billion computer chip fabrication plant, which is expected to open in 2024.
“Saddleback Heights is one of the last remaining development opportunities of its size in the Phoenix MSA,” said Greg Vogel, CEO of Land Advisors Organization. “Castle Hill’s development expertise and ability to execute a project of this scale will certainly ensure its success and provide much-needed new residential options to accommodate the West Valley’s growing employment base.”