Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), closed on 94 premium homesites in Peoria, Arizona, for a total purchase price of $7.56 million dollars.

The 80-acre land parcel, located at 77th Avenue and Pinnacle Peak Road, will be developed into a new, single-family home neighborhood featuring all single-story homes, ranging from approximately 2,990 to 4,389 square feet. The gated community is scheduled to begin development in early 2018 with an anticipated open for sales date in early 2019.

Bret Rinehart and Ryan Semro of Land Advisors Organization in Scottsdale brokered the transaction between Maracay and the seller, Melcor Developments Arizona, Inc., an entity owned by Melcor out of Edmonton, Canada. Homes are planned to be built on oversized homesites, ranging from more than a quarter-acre to nearly full-acre lots.

“Homesites at Riverwalk are deep and many back to open space,” said Jason Weber, Maracay Homes’ vice president of land acquisitions and development. “On select homesites, there will be options for detached or attached RV and accessory garages to accommodate boat or RV storage, and larger backyards.”

A quarter of the homesites will back to dedicated open space and this community is in close proximity to Ludden Mountain, Eastwing Mountain and the Hedgpeth Hills in Thunderbird Park, a 1,185-acre conservation park dedicated to preserving the area’s beautiful desert-mountain environment. Nearby, residents will enjoy easy access to north Peoria’s blend of year-round recreation and entertainment opportunities. Active families and weekend warriors alike flock to the area where Lake Pleasant stretches across 10,000 acres, offering an oasis of recreation activities, from wake boarding, water skiing and kayaking, to fishing, sailing and paddle boarding.

Beyond the waterfront, this part of the city boasts multiple desert parks that provide easy access to hiking trails and horseback facilities via multiuse paths that skirt the area’s regional and municipal parks. Peoria’s park system is touted for its effortless blend of natural beauty and burgeoning urban lifestyle. Peoria also lays claim to a rich cultural scene, top-rated golf courses and sports centers, attractive dining and retail hubs, highly rated schools, and an emerging market of high-wage companies and major employment corridors.