IHP Capital Partners, one of the nation’s leading real estate investment firms, and Cachet Homes, an Arizona-based luxury homebuilder, have formed a joint venture (JV) to acquire a 66.7-acre parcel in North Phoenix for the development and construction of 162 single-family homes. Within the Union Park at Norterra master-planned community, the project includes 102 alley-loaded lots and 60 traditional front-loaded lots. Development is underway and project completion is anticipated in Q3 2022. Sales are scheduled to open in summer 2022.
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“Demand for new homes in Phoenix remains strong and North Phoenix continues to draw new residents and corporations, particularly within the semiconductor industry,” says Eric Koff, senior vice president at IHP Capital Partners. “Union Park at Norterra is a vibrant mixed-use community in a spacious desert setting with a wealth of amenities. IHP is pleased to partner with Cachet Homes, a well-known and respected builder in the Phoenix region, to deliver much-needed new homes that offer character and a preferred lifestyle.”
The JV is developing two product types, designed to reflect Spanish, Desert Craftsman and Mission Revival architectural styles. The alley-loaded lots, named The Retreat, are 49 feet by 90 feet in size, or 4,410 total square feet. Home sizes will range from 2,272 to 2,931 square feet and will include three to four bedrooms and two and a half to three and a half bathrooms. Encore, the larger, traditional style lots, line the exterior border of the acquired parcel. These lots are 65 feet by 120 feet in size, or 7,800 total square feet. Home sizes range from 2,831 to 4,115 square feet and will include three to five bedrooms and three and a half to five bathrooms. Pricing will be announced in 2022.
Union Park at Norterra is a 400-acre mixed-use community approximately 20 miles north of Downtown Phoenix. Easily accessible via the I-17 freeway at Happy Valley Road, the masterplan offers a blend of approximately 1,100 single-family and 1,100 multi-family homes, hotel and office uses, and a new K-8 elementary school, in addition to a unique destination retail corridor called the Shops at Norterra. Backbone infrastructure and construction of all amenities within Union Park at Norterra are complete. Phase 2 of the masterplan broke ground in late 2020. Approximately 700 residents currently live in the community with about 304 homes complete.
The homes at The Retreat and Encore are accessible and within walking distance to a multitude of nearby amenities and recreational activities. Centrally located within the masterplan is The Post, a 5,800-square-foot recreation center that includes a resort-style pool with cabanas, a splash pool, event lawns, playground, outdoor barbecue area and basketball and pickleball courts.
“Set against the Union Peak Sonoran Preserve backdrop, Union Park at Norterra is a brilliantly designed community that embraces the region’s natural landscape and incorporates a preferred farmhouse-inspired architectural style,” said Matthew Cody, president at Cachet Homes. “With a nearly 30-year history building luxury homes in Arizona and a successful Phase I in Union Park at Norterra, Cachet Homes is excited to partner with IHP on the last phase of this special project, bringing a new energy to the growing North Phoenix region.”
“The community’s location amidst the expanding local semiconductor industry and proximity to nearby employment centers makes Union Park at Norterra a prime destination for move-up homebuyers,” added Koff. “The influx of new Arizona residents and eager Millennial home seekers also support the remarkable rise in demand for quality new homes in North Phoenix.”
Union Park at Norterra is IHP’s first homebuilding project in Arizona and its first JV project with Cachet Homes. IHP recently announced its partnership with Värde Partners in the acquisition of the remaining 3,721 acres of land for development within Vistancia, a 7,100-acre mature master-planned community in Peoria, Ariz. The transaction included all 3,300 entitled residential dwelling units within the Northpointe at Vistancia community and 370 acres of commercial mixed-use development.
IHP is a strategic partner for developers and homebuilders throughout the western U.S. In addition to Union Park at Norterra, the company currently has 32 residential projects in various stages of development in Colorado, Utah, California, Oregon, Nevada, Washington, Texas and Arizona.
