Maracay Homes, a wholly owned company of the Tri Pointe Group (NYSE:TPH), has closed on two land purchases totaling 279 homesites and nearly $22 million in the last two weeks, the homebuilder announced today.
The parcels, located in Peoria, Arizona, and Gilbert, Arizona, will be developed into new, single-family neighborhoods scheduled to begin welcoming residents by next year, said Tom Lemon, Maracay Homes’ vice president of land acquisitions and development. “These two parcels, located in the West Valley and the East Valley, are almost like bookends,” Lemon said. “They both are in excellent locations, near high-performing schools and close to transportation corridors. They allow us to continue Maracay’s long-standing tradition of building attractive, thoughtfully designed neighborhoods in Arizona’s finest cities and towns.”
In Peoria, Maracay Homes paid $17.276 million to buy 174 pre-plat lots in Parcel 2 at the Meadows at Camino a Lago from seller Camino A Lago, LLC, an entity controlled by Communities Southwest Management, Inc. The 81.93 acre parcel, located on the northwest corner of Deer Valley Road and 91st Avenue, is zoned and pre-platted for three lot sizes ranging from 75 feet x 134 feet to 135 feet x 178 feet. Maracay plans to start land development this fall, with model construction to commence next summer. A fall 2016 opening is expected. Lemon said floor plans – all single-level – are still being finalized, but most likely will range from 2,350 to 4,900 square feet, with optional detached RV garages offered on the larger homesites for outdoor-recreation enthusiasts who need additional room to store their equipment.
Meanwhile, in Gilbert, Maracay Homes completed the second closing of lots in Warner Groves at Morrison Ranch on the northwest corner of Warner and Higley roads. The homebuilder paid $4.419 million to purchase 105 platted and engineered lots from Morrison Ranch, Inc. in Gilbert. The purchase is the second phase of a two-parcel deal that includes 66 lots Maracay acquired from Morrison Ranch, Inc. in October of 2014. In total, Maracay will develop 171 homesites in Morrison Ranch. According to Lemon, two newly designed floor plan series, ranging from 1,900 to 4,400 square feet, will debut at Morrison Ranch when models open early next year.
