Maracay Pays $31.6M For Second Parcel In 236-Acre Gilbert & Chandler Land Assemblage

GILBERT, Ariz., Sept. 28, 2018 /PRNewswire/ -- Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the second of three parcels for a new 236-acre master-planned community that will span Gilbert and Chandler.

Maracay has been assembling land for this community since it purchased 41 acres at the site in Gilbert earlier this year. Officials anticipate closing on another 80 acres in Chandler that connects to the Gilbert site to complete the trio of purchases. This week's land closing of 115 acres for $31.6 million in Gilbert represents the next piece of land in the master-planned community assemblage.

Located at the northwest corner of Chandler Heights and Val Vista roads, the Gilbert portion of the site comprises a total of 332 pre-platted homesites acquired from four separate sellers. Ryan Willis of Willis Property Co. in Mesa brokered the four transactions amounting to $43.06 million. Half of the overall site was purchased from the Hamstra Family Living Trust in Chandler (Siebe Hamstra, trustee). The Hamstra family operated a dairy on a portion of the land on the west side of Val Vista Drive and north of Chandler Heights Road.

Maracay is scheduled to close on the third and final parcel of 80 acres and 240 homesites in Chandler in early 2019, bringing the total to 572 homesites. The largescale master-planned community is expected to open in 2020. 

"We're incredibly excited to continue to build in one of the fastest growing regions in the country, where jobs are thriving, schools are excelling and plenty of shopping and dining options are available," said Andy Warren, president of Maracay. "We're fortunate to have acquired this expansive piece of land and we're looking forward to creating an amenity-rich community that caters to the East Valley lifestyle."

The theme for the master-planned community will draw inspiration with a modern twist from its ranching roots and Texas Hill Country. Among the abundant pre-programmed amenities, there will be a pedestrian trail system connecting the community to the abutting Veterans Oasis Park.

For more information on Maracay, please visit www.MaracayHomes.com.

About Maracay™

For more than 25 years, Maracay has been a leader in the Arizona real estate industry, providing homebuyers with smarter choices that serve both their lifestyle and the environment, while constructing more than 10,000 homes for families throughout Phoenix and Tucson. Maracay's exclusive FlexDesign® program gives homebuyers the ability to tailor their new home to the life they want to live. The company's Energy Star® and LEED® certified homes feature the latest generation of high-efficiency technologies and sustainable building materials and practices, while the LivingSmart® program continues this comprehensive approach to green living. Maracay was named one of the 2018 Top Companies to Work For in Arizona by The Arizona Republic and azcentral.com. It has earned numerous design honors including the 2017 Nationals℠ Silver Award by the NAHB National Sales and Marketing Council and back-to-back Major Achievements in Merchandising Excellence (MAME) Awards by the Homebuilders Association of Central Arizona in 2016 and 2017. It was previously named Builder of the Year by the Southern Arizona Home Builders Association. Maracay is a member of TRI Pointe Group® (NYSE: TPH), a family of premium regional homebuilders. For more information about Maracay, please visit www.MaracayHomes.com.

SOURCE Maracay

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