PRESS RELEASE:
Maracay pays $10.92M for 127 lots in Mesa
Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on 127 homesites spread out among two parcels in the third and final residential phase of Cadence at Gateway, a vibrant master-planned community of 464 acres along the bustling Gateway corridor in Mesa.
Maracay paid $10.92 million for the two parcels of partially finished homesites on a finished basis, with a portion to be funded once the remaining land improvements are completed.
The post-closing improvements are currently underway and are being managed by Amy Weidman of Otago Development.
The transaction between Maracay and the seller, PPGN-Crimson LLLP, an entity owned by Harvard Investments (Tim Brislin, Vice President), was brokered by Nate Nathan of Nathan & Associates in Scottsdale.
Maracay anticipates the community will open for sales in early 2021.
“Maracay is excited to bring new home designs to Cadence, one of the most highly-amenitized master planned communities in the East Valley,” said Jason Weber, Maracay’s vice president of land acquisitions and development. “Harvard Investments really has delivered an amazing master plan in a great location where future residents can walk to the 12,000-square-foot clubhouse and pools, or take a short bike ride to the public amenities in the Eastmark Great Park.”
“Access to work will be even more convenient once the SR 24 interchange is constructed only a half mile south of Phase 3, where Maracay will build alongside Toll Brothers,” he added.
The community was engineered by EPS Group (Daniel “Ox” Auxier) and land planned by Greey Pickett (Wendell Pickett).
SOURCE > https://azbigmedia.com
_________________________________________________________________
For more information on Maracay, visit www.MaracayHomes.com.
