Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on 127 homesites spread out among two parcels in the third and final residential phase of Cadence at Gateway, a vibrant master-planned community of 464 acres along the bustling Gateway corridor in Mesa.
Maracay paid $10.92 million for the two parcels of partially finished homesites on a finished basis, with a portion to be funded once the remaining land improvements are completed. The post-closing improvements are currently underway and are being managed by Amy Weidman of Otago Development.
The transaction between Maracay and the seller, PPGN-Crimson LLLP, an entity owned by Harvard Investments (Tim Brislin, Vice President), was brokered by Nate Nathan of Nathan & Associates in Scottsdale. Located one mile east of Ellsworth Road between Ray and Williams Field roads, the land parcels will be developed into new single-family homes featuring both one- and two-story floor plans, ranging from approximately 1,850 to 2,492 square feet. Maracay anticipates the community will open for sales in early 2021.