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Arizona homebuilder triples in size and closing volume in just five years
GILBERT, Ariz. (June 20, 2017) – Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), this month closed on two separate land purchases, totaling approximately $20 million and more than 300 homesites, in the rapidly growing East Valley location of Gilbert, Arizona.
The purchases, at the Lakes at Annecy and Morrison Ranch master-planned communities, further fuel Maracay’s growth trajectory, which has tripled the company’s size and closing volume over the past five years. “We’ve taken more of a tortoise than a hare approach to our growth, every year carefully selecting the best locations that resonate with our premium homebuyers,” said Maracay Homes President Andy Warren. “Then, we bring a combination of phenomenal home plans and our highly regarded FlexDesign program to these high-demand locations, and meticulously develop each community to the highest standards.”
At the Lakes at Annecy, Maracay closed on a $12.42 million land purchase of 216 homesites zoned for 170 three-story duplex units and 46 three-story single-family detached homes. Ryan Semro and Bret Rinehart of Land Advisors Organization brokered the cash transaction between Maracay and the seller, Annecy Recovery Acquisition, LLC.
First developed in the mid-2000’s with resort-like amenities, including lakes, three pool complexes, tot-lots, sports courts and tree-lined streets, the Lakes at Annecy is a gated residential community located within walking distance of the rapidly emerging San Tan Village area north of the Loop 202, east of Val Vista Drive. The partially developed master plan calls for a total of 930 homes, featuring a mix of single-family detached homes, duplexes, triplexes and townhouses.
Maracay intends to open for sales in the fall of 2018, when it will unveil all new floor plans ranging from approximately 1,500 to 2,000 square feet. The new community’s location near San Tan Village puts it within easy reach of dozens of retail and dining options, as well as highly rated schools and major Valley freeways.
Meanwhile, the Lakeview Trails at Morrison Ranch purchase comprises 92 single-family homesites for a total of $7.05 million. Michael Martindale and Todd Vesledahl of CRA, LLC brokered the cash sale between Maracay and the seller, Morrison Ranch, Inc.
The Lakeview Trails at Morrison Ranch homesites represent Maracay’s third purchase at this tremendously popular master-planned community. Based on the success of its two existing Morrison Ranch neighborhoods in Warner Groves – including Marquis at Morrison Ranch, which sold out in just one year – Maracay plans to offer a brand-new series of spacious, one- and two-story floor plans, ranging from 3,000 to 4,800 square feet. Home sales are expected to begin in fall of 2018.
Drawing upon the area’s rural ranch character, Morrison Ranch features groves of trees, wide grass-covered setbacks, white rail fences and a series of interconnected, pedestrian-friendly greenbelts that connect residents to highly rated schools, major employment centers, and diverse shopping, dining and entertainment options. With easy access to Interstate 10, the quiet, intimate community also offers convenient access to Phoenix International Airport and downtown Phoenix.
“Once these two neighborhoods open to the public next year, Maracay will have unveiled four new neighborhoods in Gilbert in just over a year,” said Maracay Homes Vice President of Land Acquisitions and Development Tom Lemon. “Gilbert is among the fastest growing cities in the country, and for good reason. Fueled by a thriving economy, top-rated schools, and an array of high quality lifestyle options and leisure activities, Gilbert continues to attract some of America’s top innovative companies in the areas of oncology, regenerative medicine, algae technologies and biofuels, medical devices, stem cell research and cardiovascular science.”
Maracay Homes
Maracay Homes is a member of TRI Pointe Group (NYSE: TPH), a family of premium regional homebuilders supported by the significant resources, economies of scale and thought leadership of a national foundation. Together this makes TRI Pointe Group one of the largest homebuilders in the U.S. For more information about Maracay Homes, please visit www.maracayhomes.com.
