By Kyle Backer | AZ Big Media
North Peoria’s Vistancia community is about to welcome new neighbors. California-based IHP Capital Partners and Värde Partners, with U.S. offices in Minnesota and New York, recently formed a joint venture to purchase 3,721 acres of land within Vistancia. According to the commercial real estate tracking website Vizzda, two transactions totaling $68 million include all 3,300 entitled residential dwelling units in the Northpointe neighborhood and 370 acres of commercial mixed-use development that will serve a town center. The strategic partnership, called Vistancia Development LLC, intends to deliver 520 single-family residential lots to homebuilders later this year.
“IHP Capital Partners is very bullish on our project in Vistancia but also very bullish on Greater Phoenix in general. That’s why we took this large position in Peoria,” says Richard Whiteley, co-president and COO of IHP. “We’re going to be aggressive and active here for some time to come.”