Disclosure: Rose Law Group represents Raintree Investment Corp.
By Angela Gonzales
Maracay Homes is breathing new life into a master-planned community left for dead during the Great Recession’s fallout.
The Scottsdale homebuilder paid $13.25 million for the last remaining parcel of the Lakes at Annecy, a partially developed master-planned community in Gilbert, a rapidly growing town southeast of Phoenix. Last year, Maracay Homes paid $12.4 million for another parcel in that community.
Between the two parcels, plans call for building 466 homes, which will include a mixture of single-family residences and townhomes, said Andy Warren, president of Maracay Homes, which is owned by California-based TRI Pointe Group Inc. (NYSE: TPH)
“The Lakes at Annecy has been a great project for us in the heart of Gilbert. Our team at Raintree will enjoy watching it be completed by two great builders over the coming years. We very much appreciate the help from Rose Law and the town of Gilbert in making it a success.”
~Chris Janson, executive vice president of Raintree Investment Corp.