Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE:TPH), has closed on 82 homesites at Adora Trails, an amenity-rich master planned community near the San Tan Mountains in Gilbert, Arizona.
Located near the southeast corner of Riggs Road and Val Vista Drive, Maracay’s parcel at Adora Trails will be developed into a new, single-family neighborhood scheduled to begin welcoming residents by next year, said Tom Lemon, Maracay Homes’ vice president of land acquisitions and development. Site development is currently underway. Model construction is expected to start by the end of the year, with a grand opening planned for first quarter 2017.
Adora Trails was the fastest-selling master planned community in metropolitan Phoenix in the first quarter of this year, according to Belfiore Real Estate Consulting in Phoenix. The community includes a club house, catch-and-release lake, miles of walking trails, a resort-style pool, an elementary school and numerous sports courts and recreation fields.
Maracay Homes paid $9.8 million to buy the homesites from an entity controlled by Adora Trails’ developer, Taylor Morrison Homes. Lot sizes are 75 feet by 130 feet, allowing for larger backyards and an extra-wide side yard. Lemon said four, single-level floor plans from one of Maracay’s most popular design collections will range from 2,494 to 3,323 square-feet. Many of the homes will back up to open space and mountain views.
“Adora Trails is a family-oriented, established master planned community that fits nicely into Maracay Homes’ long-standing practice of building homes located near the best schools, employment hubs, recreation and enteraintment options,” Lemon said, adding that the community enjoys easy access to the Price Road corridor, Tempe and downtown Phoenix. “As we close out our two Bridges at Gilbert neighborhoods and continue building in our two new Morrison Ranch neighborhoods in Gilbert, Adora Hills gives us an opportunity to extend our position in this highly desirable East Valley submarket.”
