The new co-owner of the 7,100-acre Vistancia master-planned community in Peoria now is teaming up with a homebuilder for a new residential project in north Phoenix.
Newport Beach, California-based IHP Capital Partners made its Arizona debut earlier this year when it teamed up with Minneapolis-based Varde partners to acquire the remaining 3,721 acres of land for development within Vistancia.
Now the real estate investment giant is partnering with Scottsdale-based Cachet Homes to build 162 single-family homes at Union Park at Norterra, a 400-acre mixed use community in north Phoenix.
Cachet Homes paid $10.64 million to USAA Real Estate Co. (now known as US RELP) for 162 lots at the southeast corner of Norterra Parkway and Jomax Road, according to Tempe-based Vizzda LLC real estate database.
Close to semiconductor plant
The project is near the 1,128 acres of land Taiwan Semiconductor Manufacturing Co. bought near Loop 303 and Interstate 17 with plans to build a massive manufacturing plant.
“It’s a phenomenal infill site that will become more important as the chip plant comes to completion,” Nathan said.
Plans call for building 102 alley-loaded homes and 60 traditional front-loaded homes on 66.7 acres within the third and final phase of the master-planned community, which is about 20 miles north of downtown Phoenix, said Eric Koff, senior vice president of IHP Partners.
Koff said he expects home sales to begin in summer 2022, with homes ranging from 2,272 to 4,115 square feet for the two different products.
The 102 alley-loaded lots called The Retreat are 49 feet by 90 feet, with homes ranging from 2,272 to 2,931 square feet. They will include three to four bedrooms and 2.5 to 3.5 bathrooms
The other 60 lots are called Encore, and will line the exterior boarder of the parcel. These lots are 65 feet by 120 feet, with homes ranging from 2,831 to 4,115 square feet. They will include three to five bedrooms and 3.5 to five bathrooms.
Koff said it’s too early to determine prices.
Union Park at Norterra is home to approximately 700 residents, with about 304 homes complete in that master plan.
That community is nearly sold out, Nathan said.
John Graham, chairman and CEO of Sunbelt Holdings Inc., which is developing Union Park at Norterra on behalf of US RELP, said his team is negotiating with a builder for 120 lots and is working with another builder for 59 lots.
“These are our last single-family lots,” Graham said. “We have additional multifamily land and are talking with prospective buyers.”
IHP’s Koff said he expects to attract move-up buyers as north Phoenix continues to draw new residents and corporations, especially within the semiconductor industry.
He said the ongoing job growth in metro Phoenix gives the company opportunity for more growth.
“We’re always looking for a great opportunity,” Koff said. “We’re always looking for good builders to partner up with. The market in Phoenix is extremely strong.”