$1.65 million purchase to be combined with 14.1-acre purchase closing in January 2017
PHOENIX, Arizona – Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), closed on 9.4 acres of land in the up-and-coming South Mountain Baseline Road corridor submarket of Phoenix. The $1.65 million purchase will be combined with a second, neighboring 14.1-acre property that will close in January 2017, for a total of 23.5 acres.
The two parcels, situated near 32nd Street and the Highline Canal, have been zoned and preliminary plat approved for 54 lots, each sized at 10,125 square feet (75x135), said Tom Lemon, Maracay Homes’ vice president of land acquisitions and development. Maracay will complete land development and open for sales in the first part of 2018.
“This area, in particular, is emerging as a sought-after, almost boutique, location so close to downtown Phoenix, Tempe Town Lake, and the Chandler/Price Road corridor, yet with a small-town, suburban lifestyle that urban buyers are looking for,” said Lemon. “We plan to pay homage to the area’s citrus farming and market garden heritage in the landscaping amenities and thematic design elements in this upscale neighborhood.”
Tom Mulhern, of Core Properties LLC, and John Bullington of BLC Realty Advisors, brokered the transaction between Maracay and the seller, Edmund Navarro and Martha G. Navarro Trust. Maracay plans to offer a mix of all single-story floor plans, ranging from approximately 2,500 to 3,350 square feet, within an upscale, gated enclave.
Nestled in the foothills of South Mountain, the region has retained the flavor of its its rural roots while providing residents easy access to Phoenix’s major employment hubs, entertainment centers, shopping and sports venues, and much more. The area offers a perfect mix of natural landscape, urban agriculture and neighborly atmosphere where small boutique shops and farm-to-table restaurants provide residents an escape from the rush of daily life. Active families and outdoor enthusiasts will enjoy the countless recreational opportunities that South Mountain Park offers. At more than 16,000 acres and topping 2,300 feet at its highest point, the preserve is one of the largest municipally operated parks in the U.S., boasting 51 miles of trails for horseback riding, hiking and mountain biking for all skill levels, as well as stunning panoramic views of the city’s skyline and surrounding desert landscape.