Balance of land for development in Vistancia acquired for $68M
IHP Capital Partners, one of the nation’s leading real estate investment firms, and Värde Partners, a leading global alternative investment firm, today announced that they have formed a joint venture (JV) to acquire the remaining 3,721 acres of land for development within Vistancia, a 7,100-acre mature master-planned community in Peoria, Ariz. The transaction includes all 3,300 entitled residential dwelling units within the Northpointe at Vistancia community and 370 acres of commercial mixed-use development.
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Construction at Northpointe at Vistancia has already begun, with the first phase of 437 lot improvements completed, and the community’s 10-acre amenity site and 5,300-square-foot recreation center, The Sovita Club, expected to be completed in fall 2021. The JV intends to deliver 520 single-family residential lots within Northpointe at Vistancia to homebuilders later this year, with lot sizes ranging from 5,175 to 7,200 square feet. Future phases of development are in the initial planning stages.
In April, IHP Capital Partners bought 429.75 acres at the southwest corner of Loop 303 and Lone Mountain Parkway in Peoria for about $17,683,000, according to the commercial real estate tracking website Vizzda. Vistancia Development LLC — the joint venture — bought the remaining empty land within Vistancia from Vistancia Residential LLC for about $50,320,000, records show. So the the joint venture acquired the balance of land in Vistancia for about $68 million.
“One of the fastest growing metropolitan areas in the U.S., the Phoenix region continues to attract new residents from around the country who are drawn to its warm climate and affordable, high quality of life,” said Richard Whiteley, co-president and chief operating officer at IHP Capital Partners. “Vistancia is a well-thought-out master plan with top-tier amenities in a spacious natural setting. It represents an outstanding opportunity to invest in the region and leverage IHP and Värde’s experience and expertise to provide much-needed buildable land for homebuilders.”
“Värde is pleased to team up with IHP for the second time this year to invest in such a well-located and highly sought-after master-planned community,” said Brendan Bosman, Managing Director at Värde Partners. “This deal reflects our strategy to grow Värde’s footprint across the U.S. residential market, addressing the accelerated demand from third-party builders and meeting the needs of buyers seeking lifestyle communities with ample living space.”
Vistancia is located in the northwest Phoenix metropolitan area of Peoria. Approximately 35 miles from Downtown Phoenix, it is west of the 303 freeway, accessible via W. Lone Mountain Parkway. With a wealth of amenities, the master plan is fully entitled for 10,500 total homes, approximately 7,200 of which are already sold to homebuyers. Approximately 17,000 residents live in the master plan’s first three communities, Blackstone, Trilogy and The Village.
Northpointe is Vistancia’s fourth and final community. Set within the Sonoran Desert foothills, it is located at the northern-most point of the master plan. It sits between the White Peak and Twin Buttes landforms, at a slightly higher elevation than the other Vistancia communities. Designed around the surrounding natural landscape and unique rolling hill topography, Northpointe at Vistancia’s home sites provide panoramic views and access to plentiful outdoor recreation opportunities.
Amenities within Northpointe at Vistancia are planned to include private resort-style recreation centers with swimming pools, community parks, a K-8 elementary school and a 1,100-acre mountain preserve with hiking trails and walking paths.
The entitlements for the 370-acre commercial mixed-use development are flexible to include a wide range of commercial/employment uses such as healthcare, retail, education and residential.
Land Resources, Inc., a full-service real estate development and management firm, whose executives have led Vistancia’s development and management since 2004, will continue its work on the project.
In Q1 2021, IHP and Värde formed a JV to acquire 2,770 remaining lots within Sunfield, a seasoned master planned community with a total 6,550 homes. Sunfield is located near Austin, Texas, another rapidly growing suburb where there is high demand for affordable spacious homes.