Maracay pays $31.6M for 115 acres in East Valley
Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the second of three parcels for a new 236-acre master-planned community that will span Gilbert and Chandler.
Maracay has been assembling land for this community since it purchased 41 acres at the site in Gilbert earlier this year. Officials anticipate closing on another 80 acres in Chandler that connects to the Gilbert site to complete the trio of purchases. This week’s land closing of 115 acres for $31.6 million in Gilbert represents the next piece of land in the master-planned community assemblage.
Located at the northwest corner of Chandler Heights and Val Vista roads, the Gilbert portion of the site comprises a total of 332 pre-platted homesites acquired from four separate sellers. Ryan Willis of Willis Property Co. in Mesa brokered the four transactions amounting to $43.06 million. Half of the overall site was purchased from the Hamstra Family Living Trust in Chandler (Siebe Hamstra, trustee). The Hamstra family operated a dairy on a portion of the land on the west side of Val Vista Drive and north of Chandler Heights Road.
Maracay is scheduled to close on the third and final parcel of 80 acres and 240 homesites in Chandler in early 2019, bringing the total to 572 homesites. The large-scale master-planned community is expected to open in 2020.
“We’re incredibly excited to continue to build in one of the fastest growing regions in the country, where jobs are thriving, schools are excelling and plenty of shopping and dining options are available,” said Andy Warren, president of Maracay. “We’re fortunate to have acquired this expansive piece of land and we’re looking forward to creating an amenity-rich community that caters to the East Valley lifestyle.”
The theme for the master-planned community will draw inspiration with a modern twist from its ranching roots and Texas Hill Country. Among the abundant pre-programmed amenities, there will be a pedestrian trail system connecting the community to the abutting Veterans Oasis Park.
For more information on Maracay, visit www.MaracayHomes.com.