Maracay, a wholly-owned subsidiary of the TRI Pointe Group, has closed on a 115-acre parcel in Gilbert and Chandler, Arizona for $31.6M. This closing marks the second of three for a 236-acre master-planned community, which will span across both East Valley towns.
The Gilbert portion of the 115-acre parcel contains a total of 332 pre-platted home sites acquired from four separate sellers, and the Chandler portion comes from the Hamstra Family Living Trust. The builder purchased an adjacent 41-acre parcel in Gilbert earlier this year, and plans to close on another 80 acres and 240 homesites in Chandler in early 2019. The community is set to open in 2020.
“We’re incredibly excited to continue to build in one of the fastest growing regions in the country, where jobs are thriving, schools are excelling and plenty of shopping and dining options are available,” said Andy Warren, president of Maracay. “We’re fortunate to have acquired this expansive piece of land and we’re looking forward to creating an amenity-rich community that caters to the East Valley lifestyle.”
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