IHP Capital Partners and Värde Partners acquire the remainder of the planned community of Vistancia in Peoria, Arizona.
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Companies Form Joint Venture to Complete Award-Winning Master Plan Development in Metro Phoenix
NEWPORT BEACH, Calif. And PEORIA, Ariz .– (BUSINESS WIRE) – IHP Capital Partners, one of the nation’s leading real estate investment firms, and Värde Partners, a leading global alternative investment firm, announced today hui formed a joint venture (JV) to acquire the remaining 3,721 acres of land for development within Vistancia, a mature planned 7,100 acre community in Peoria, Arizona. The transaction includes the 3,300 residential housing units authorized in the Northpointe community in Vistancia and 370 acres of mixed-use commercial development.
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IHP Capital Partners and Värde Partners plan to deliver 520 single-family lots at Northpointe in Vistancia to home builders in 2021. (Photo: Business Wire)
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 in Northpointe in Vistancia to home builders later this year, with lot sizes 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 metropolitan area of Peoria, northwest of Phoenix. 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 officers 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 master plan community with a total of 6,550 units. Sunfield is located near Austin, Texas, another rapidly growing suburb where there is a high demand for spacious and affordable homes.
About IHP Capital Partners
Founded in 1992, IHP Capital Partners is one of the country’s leading real estate investment companies. The company is easing the path to success for its investors and development partners by providing equity capital for residential projects across the country, with a focus on the western United States. A trusted tactical and fiduciary partner for nearly 30 years, IHP’s track record is built on experience, expertise and sustained long-term partnerships with well-known institutional investors and a wide range of the most notable builders and developers. Of the industry. For more information, visit IHPInc.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and struggling. Founded in 1993, the company has invested $ 80 billion since its inception and manages $ 15 billion on behalf of global investors. The company’s investments cover corporate and negotiated credit, real estate and mortgages, private equity and direct loans. Värde employs over 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
About Land Resources Inc.
Founded in 2014, Land Resources Inc. is a full-service property development and management company specializing in creating strategic vision and maximizing the value of real estate assets. The company is made up of a permanent team of real estate experts who have successfully developed and managed over 30,000 acres of land in the Southwestern United States. LRI provides expertise at all stages of the acquisition, development and sale of land for residential, commercial, mixed-use projects planned using commercial and light industrial properties. The LRI team is best known for their close relationships with industry, creativity and collaborative approach to partnerships, and have been instrumental in the vision, development and management of the award-winning community of Vistancia in Arizona since 2004. For more information, visit landresourcesinc.com.
Source: IHP Capital Partners