Tegavah Construction LP, a joint venture formed by Tricon Capital Group of Toronto, Ontario, Canada and Shea Homes of Phoenix paid $59.5 million ($69,500 per acre) for the 856-acre master-planned Tegavah Golf Course Community in northeast Scottsdale. The purchase included an 18-hole championship golf course and 500 + acres of raw land pre-platted for 1,148 residences.
Inspired in name and community spirit by the Yavapai word for "gathering place," Tegavah celebrates the coming together of lifestyle and landscape. Formerly called Vista Verde, the Vista Verde Golf Club that stretches against the backdrop of the Mazatzal Mountain range, opened in 2006 and sold 35-lots to individual buyers, a little more than a year before home building activity stalled during the recession. Vista Verde Golf Club will transition to Tegavah Golf Club.
The seller was Vista Verde 2013 LLC, a joint venture formed by JEN Partners in New York City, N.Y. (Reuben Leibowits, principal) and Brookfield Residential Properties, Inc. of Calgary, Alberta, Canada (NYSE:BRP, Robert Stelzl, chairman).
The seller retained 137 finished lots within Tegavah, which will be developed as a Trilogy age targeted community. The nationwide Trilogy brand, which is developed by Shea Homes Active Lifestyle Communities, is known for having resort style amenities and high-end, luxury homes.
Last week, the company announced plans to develop its 16th active adult community in the U.S. at Wickenburg Ranch, northwest of Phoenix being called Trilogy at Wickenburg Ranch.
Nate Nathan and Courtney Buck with Nathan & Associates Inc. of Scottsdale handled the Tegavah transaction.
The Trilogy community expects home sales to begin next year.
Hal Looney and Rick Andreen in the Shea Homes Active Lifestyle office can be reached at 480.367.3700. Nathan and Buck can be contacted at the Nathan & Associates office: 480. 367.0700.