IHP Capital Partners, one of the country’s leading real estate investment firms, and Värde Partners, a leading global alternative investment firm, today announced that they have formed a joint venture (JV) to acquire the 3,721 acres remaining land to be developed within Vistancia, a planned mature 7,100 acre community in Peoria, Arizona. The transaction includes the 3,300 residential housing units authorized in the community of Northpointe in Vistancia and 370 acres of mixed-use commercial development.
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Construction at Northpointe in Vistancia has already started, with the first phase of 437 lot improvements completed, and the community’s 10-acre amenity site and 5,300-square-foot recreation center, The Sovita Club, is expected to be completed. completed in the fall of 2021. The JV intends to deliver 520 single-family residential lots at Northpointe in Vistancia to home builders later this year, with areas ranging from 5,175 to 7,200 square feet. Future phases of development are in the initial planning stages.
“One of the fastest growing metropolitan areas in the United States, the Phoenix area continues to attract new residents from across the country who are drawn to its warm climate and affordable, high quality of life,” said Richard Whiteley, co-president and chief operating officer. manager at IHP Capital Partners. “Vistancia is a well thought out master plan with top notch amenities in a spacious natural setting. It represents an exceptional opportunity to invest in the region and to leverage the experience and expertise of IHP and Värde to provide much needed building land for home builders.
“Värde is delighted to partner with IHP for the second time this year to invest in such a well-located and highly sought-after planned community,” said Brendan Bosman, Managing Director of Värde Partners. “This agreement reflects our strategy to increase Värde’s presence in the US residential market, meeting accelerated demand from third-party builders and meeting the needs of buyers seeking lifestyle communities with ample living space.
Vistancia is located in the Northwestern metropolitan area of Phoenix in Peoria. About 35 miles from downtown Phoenix, it lies west of Highway 303, accessible via W. Lone Mountain Parkway. Equipped with a multitude of equipment, the master plan is automatically for 10,500 housing units in total, of which approximately 7,200 have already been sold to buyers. Approximately 17,000 residents live in the first three communities in the master plan, Blackstone, Trilogy and The Village.
Northpointe is the fourth and last community in Vistancia. Located in the foothills of the Sonoran Desert, it is located at the northernmost point of the master plan. It lies between the landforms of White Peak and Twin Buttes, at a slightly higher elevation than the other communities of Vistancia. Designed around the surrounding natural landscape and the unique topography of the hills, Northpointe on Vistancia hospitality sites offers panoramic views and access to numerous outdoor recreation opportunities.
Northpointe’s facilities in Vistancia are expected to include private resort-style recreation centers with swimming pools, community parks, a K-8 elementary school, and a 1,100-acre mountain reserve with hiking and walking trails.
The rights for the 370-acre mixed-use commercial development are flexible to include a wide range of commercial / employment uses such as healthcare, retail, education and residential.
Land Resources, Inc., a full-service property development and management company, whose executives have led the development and management of Vistancia since 2004, will continue work on the project.
In the first quarter of 2021, IHP and Värde formed a joint venture to acquire the remaining 2,770 lots within Sunfield, a seasoned planned community with a total of 6,550 homes. Sunfield is located near Austin, Texas, another rapidly growing suburb where there is a high demand for spacious and affordable homes.