Maracay Homes, a wholly owned company of the Tri Pointe Group, has closed on the $9 million purchase of 84 homesites in Chandler, Arizona.
Located on nearly 36 acres near the southeast corner of Chandler Heights and Cooper roads, the 80-foot x 135-foot homesites sit on five parcels assembled by JEN Arizona 20, LLC. Maracay Homes will immediately begin land development for the gated, single-family home neighborhood, which is planned to open for sales in January 2017.
Tom Lemon, Maracay Homes’ vice president of land acquisitions and development, said the company is in the process of working with architects to design an all new series of single-story floor plans specifically tailored to the market opportunity at this location. Sizes are expected to range from 2,900 to 3,800 square feet.
Lemon praised the site for its highly desireable south Chandler location — near the Price Road Corridor, accessible to other employment hubs in Tempe and Scottsdale via the Loop 101 and Loop 202 freeways and with quality schools – saying it is a perfect fit for the Maracay portfolio. “This is one of the few remaining parcels of its size in Chandler and is practically considered infill,” Lemon said. “Maracay is known in the market for building attractive, thoughtfully designed neighborhoods in premium locations and this site fits that criteria.”
The acquisiton is Maracay Homes’ fifth Chandler neighborhood, joining Artesian Ranch, Layton Lakes, Sendera Place and Vaquero Ranch.
