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.
“Maracay is excited to bring new home designs to Cadence, one of the most highly-amenitized master planned communities in the East Valley,” said Jason Weber, Maracay’s vice president of land acquisitions and development. “Harvard Investments really has delivered an amazing master plan in a great location where future residents can walk to the 12,000-square-foot clubhouse and pools, or take a short bike ride to the public amenities in the Eastmark Great Park.”
“Access to work will be even more convenient once the SR 24 interchange is constructed only a half mile south of Phase 3, where Maracay will build alongside Toll Brothers,” he added.
The Cadence community as a whole will center around The Square, which features a community center, fitness center, refreshments area, visitor center, game room, event and sport lawns, resort-style pools, tennis and bocce courts, open areas, a garden and multiple indoor and outdoor fitness areas. The community was engineered by EPS Group (Daniel “Ox” Auxier) and land planned by Greey Pickett (Wendell Pickett).
Ideally situated in the heart of the dynamic area known as Gateway, Cadence at Gateway offers easy access to the rest of the Valley via the Loop 202 SanTan Freeway and the new State Route 24. Families will enjoy the new Silver Valley Elementary School located within the Cadence community as well as a number of highly rated public, charter and private schools in the surrounding area. Additionally, major employment centers and plenty of shopping, dining and entertainment options are only a short drive away.
For more information about new build construction in the East Valley, visit https://www.klausteam.com/search-new-home-builds-in-the-east-valley/