Leading home builder Toll Brothers, Harvard Investments, and Värde Partners have formed a joint venture to acquire the remaining undeveloped land in the Estrella master-planned community in Goodyear, Arizona. This purchase, which is said to be one of the largest acquisitions of an active master plan in Arizona to date, includes more than 18,000 acres of entitled land.
Located approximately 17 miles west of Phoenix, the 20,000-acre master plan is already home to more than 7,000 families. The assets acquired include current and future homesites, multifamily and commercial parcels, and developer-owned amenities, including the award-winning Nicklaus Design course at the Golf Club of Estrella and a community welcome center.
“Toll Brothers is excited to partner with Harvard Investments and Värde Partners as we continue to shape the growth of this exceptional community,” said Bob Flaherty, group president for Toll Brothers, No. 11 on the 2021 Builder 100 list. “We look forward to being part of the development team and an active builder in Estrella, together with a broad roster of other builders who have been and will continue to be a driving force behind the growth of this extraordinary community.”
The master-planned community features a range of amenities, including two clubhouses, resort-style pools and a waterpark, 72 acres of lakes, more than 50 miles of paths and trails, and the Yacht Club of Estrella. According to the new ownership partners, they plan to continue a thoughtful approach to community development and placemaking that existing residents have come to enjoy.
“We are excited to add Estrella to our portfolio of properties across the Southwestern U.S. and to work with both Toll Brothers and Värde Partners to apply our collective knowledge to the future growth of Estrella,” said Tim Brislin, vice president of Harvard Investments, a real estate investment and development company. “Our intention for Estrella is to build on its foundation of excellent planning and its reputation as a best-in-class master-planned community.”
Estrella will continue to actively develop new neighborhoods for builders, with additional parcels coming online in the near term. Future commercial opportunities will be market-driven, and additional amenities are expected to be added as development continues. Future planning will include the continuation of the Lucero and Montecito villages as well as immediate planning for new villages east of Estrella Parkway. According to the partners, with the active home buyer market, the goal is to increase the variety of new-home offerings, the number of builders, and the number of neighborhoods.
“We believe Estrella represents a compelling opportunity against a backdrop of continued strong demand for housing in major Sun Belt markets and complements our existing portfolio of master-planned communities,” said Brendan Bosman, managing director at Värde Partners, a global alternative investment fund. “This multifaceted transaction reflects the deep experience we’ve built across U.S. residential land development and home building over the past 28 years. We welcome the opportunity to partner with both a major home builder and a well-established development company to grow Estrella as a leading master-planned community.”
