By Mike Sunnucks | Phoenix Business Journal
Maracay Homes has closed on a $31 million, 142-acre purchase in Peoria.
Maracay previously bought 173 home sites for $17 million at the same Peoria development called the Meadows. The residential development is at Deer Valley Road and 91st Avenue.
Maracay plans to build 299 homes on the 142-acre parcel and recently broke ground the previously acquired parcels.
Camino A Lago LLC — an arm of Scottsdale-based Communities Southwest Management Inc. — sold the land to Maracay, which is an arm of Irvine, California-based Tri Pointe Group (NYSE: TPH)
Homes will range between 2,500 and 4,500 square feet and be priced in the $400,000s, according to Maracay.
