PER Business Real Estate Weekly-
MARACAY ASSEMBLING 156 ACRES IN GILBERT FOR 332-LOT COMMUNITY
Gilbert – Maracay Homes LLC in Scottsdale (Andy Warren, pres.) is working on an assemblage of 156 acres in Gilbert to develop a 332-lot residential community. The southeast Valley farmland is being acquired from four sellers in transactions totaling a combined $44.143 million ($275,894 per acre blended average). Dale Willis and Ryan Willis of Willis Property Co. in Mesa are brokering the assemblage. The quarter section of land is bounded on the east by Val Vista Drive, on the west by the alignment of 148th Street (alignment), on the north by the alignment of Brooks Farm Road and on the south by Chandler Heights Road. Half of the site of the master-planned community is owned by Hamstra Family Living Trust in Chandler (Siebe Hamstra, Eileen Hamstra, co-trustees). The Hamstra family has operated a dairy on the bulk of the 77 acres it is selling along the west side of Val Vista Drive and north of Chandler Heights Road. Laurel D and Joanna Leavitt Family LP in Mesa (Laurel Leavitt, Joanna Leavitt, principals) is selling 37.6 acres located at the northeast corner of Chandler Heights Road and 148th Street. Just over 41 acres at the southeast corner of Brooks Farm Road and 148th Street, has already been purchased by a Maracay affiliate in two sales totaling a combined $11,413,987. In the larger of the cash sales, Maracay 91 LLC paid $6.902 + million ($265,000 per acre) to acquire 26 acres at the corner of the Brooks Farm Road and 148th Street alignments. T.L.C. Foundation Limited Partnership in Paradise Valley (Theresa Mao, principal) was the seller. Real Earth Investment Properties LLC and Good Earth-VVCH LLC, both in Phoenix (Anthony Yeung, principal), was the seller of 15 acres surrounded by the Mao property in a transaction totaling $4,511,850 ($300,009 per acre). The acquisitions from the Hamstras and Leavitts are both scheduled to close by October of this year. A preliminary plat for the community shows 120 lots averaging 8,450 sq. ft. (65×130), 82 home sites averaging 11,900 sq. ft. (85×140) and 130 lots averaging 16,500 sq. ft. (110×150). Maracay intends to build on all of the lots, but may decide to trade some of the home sites with another builder. Maracay is working on housing product plans, but is likely to build homes ranging from 2,685 sq. ft. to 4,900 sq. ft. Pricing figures to run from the $400,000’s to the mid-$700,000’s. Models within the yet to be named community expected to be open late first quarter 2020. Maracay Homes in Scottsdale is a wholly-owned company of Tri Pointe Group in Irvine, Calif. (NYSE:TPH). Jason Weber, v.p. of land acquisitions and development for Maracay, says the company is looking to acquire premium locations targeted for larger size subdivisions in the Valley. Learn more from Weber at (480) 346-2686. Talk to the Willis Property agents at (480) 507-6200.