The Gilbert, AZ portion of the site comprises a total of 332 pre-platted homesites acquired from four separate sellers.

GILBERT, AZ—Homebuilder Maracay has closed on the purchase of 115 acres of land here that will eventually be part of a master-planned community that will span 236 acres between the communities of Gilbert and Chandler, AZ here.

The Scottsdale, AZ-based firm acquired the 115-acre parcel for $31.6-million and follows up a buy earlier this year of an adjoining 41 acres in Gilbert. Maracay officials say the firm intends to close on the third and last land purchase of 80 acres and 240 homesites in Chandler in early 2019, bringing the total to 572 homesites. The large-scale master-planned community is expected 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,” says Andy Warren, president of Maracay, a wholly owned company of the TRI Pointe Group. “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.”

Located at the northwest corner of Chandler Heights and Val Vista roads, the Gilbert portion of the site comprises a total of 332 pre-platted homesites acquired from four separate sellers. Ryan Willis of Willis Property Co. in Mesa, AZ brokered the four transactions amounting to a total investment of $43.06 million. Half of the overall site was purchased from the Hamstra Family Living Trust in Chandler, which operated a dairy on a portion of the land on the west side of Val Vista Drive and north of Chandler Heights Road.

Maracay officials say the theme for the master-planned community will draw inspiration with a modern twist from its ranching roots and Texas Hill Country and will feature a pedestrian trail system connecting the community to the nearby Veterans Oasis Park.