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.