Maracay pays $7.2M for 68 Gilbert home sites

Real Estate | 30 Jun |

Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the purchase of 68 final-platted homesites in the last residential phase of the widely popular Morrison Ranch master-planned community in Gilbert. 

Maracay paid $7.17 million for the land parcel, located in Morrison Ranch’s Lakeview Trails Southeast phase. The purchase represents Maracay’s fourth land purchase at Morrision Ranch and will be an extension of the Arizona homebuilder’s active Lakeview Trails at Morison Ranch community, which opened just months ago and has already sold more than 50 homes. The two other previous Maracay communities at Morrison Ranch also received tremendous interest when each opened, selling out in just one year. 

“Based on our previous success at Morrison Ranch, we couldn’t help but jump at this last opportunity to expand our footprint in one of the fastest-selling communities in the country,” said Maracay Vice President of Land Acquisitions & Development Jason Weber. “There’s no other place in the Valley where you’re going to find a rural charm quite like what you have at Morrison Ranch, where families can live, work and play amid an iconic backdrop of historic grain tanks, open fields, pristine lakes, tree-lined streets, old-fashioned street lamps and white picket fences.” 

Michael Martindale of Commerce Realty Advisors in Scottsdale brokered the cash transaction between Maracay and the seller, LTSE, Inc., an entity owned by the Morrison Family. The off-site improvements will be managed by Greg Hahn of EPS Group and funded through a joint development agreement with the other builders at Morrison Ranch.

A community thoughtfully crafted for the Arizona lifestyle, Lakeview Trails offers a network of walking and biking trails that loop the community’s double-lake system nestled against the iconic grain tanks and guide residents throughout the tree-lined streets and connect with gathering areas, where the master-planned community hosts a number of annual events and festivals. Its convenient location in the heart of Gilbert makes it easy for residents to walk or bike to work, and take a short drive to dozens of nearby shopping and dining destinations, including Gilbert’s iconic downtown Heritage District and the expansive outdoor SanTan Village. It also lies within easy reach of Gilbert’s highly rated schools, major Valley freeways and top employers.

Maracay’s Lakeview Trails at Morrison Ranch community offers one- and two-story Flex Design® floor plans ranging from approximately 2,990 to 4,803 square feet. All homes are Energy Star® certified in addition to being registered with the U.S. Green Building Council with the goal of achieving LEED® Certification. The homes also include Maracay’s Living Smart® and Home Smart ® programs for high performance and energy efficiency as well as the Environmental Protection Agency’s Indoor airPLUS program. 

For more information on Maracay, visit www.MaracayHomes.com.

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