IHP Capital Partners, a national real estate investment firm, and Värde Partners, a global alternative investment firm, formed a joint venture to buy the remaining 3,721 acres of land within the 7,100-acre Vistancia master-planned community.
Construction at Northpointe at Vistancia has already begun, 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, expected to be completed in fall 2021.
The joint venture intends to deliver 520 single-family residential lots within Northpointe at Vistancia to homebuilders later this year, with lot sizes ranging from 5,175 to 7,200 square feet. Future development phases are in the initial planning stages.
“One of the fastest growing metropolitan areas in the U.S., the Phoenix region continues to attract new residents from around the country who are drawn to its warm climate and affordable, high quality of life,” said Richard Whiteley, co-president and chief operating officer at Newport Beach, California-based IHP Capital Partners. “Vistancia is a well-thought-out master plan with top-tier amenities in a spacious natural setting. It represents an outstanding opportunity to invest in the region and leverage IHP and Värde’s experience and expertise to provide much-needed buildable land for homebuilders.”
Brendan Bosman, managing director at Minneapolis-based Värde Partners, said the company is pleased to team with IHP for the second time this year to invest in such a well-located and highly sought-after master-planned community.
“This deal reflects our strategy to grow Värde’s footprint across the U.S. residential market, addressing the accelerated demand from third-party builders and meeting the needs of buyers seeking lifestyle communities with ample living space,” he said.
Vistancia is fully entitled for 10,500 total homes, about 7,200 of which are already sold to homebuyers. Approximately 17,000 residents live in the master plan’s first three communities, Blackstone, Trilogy and The Village.
Northpointe is Vistancia’s fourth and final community. Set within the Sonoran Desert foothills, it is at the northern-most point of the master plan. It sits between the White Peak and Twin Buttes landforms, at a slightly higher elevation than the other Vistancia communities. Designed around the surrounding natural landscape and unique rolling hill topography, Northpointe at Vistancia’s home sites provide panoramic views and access to plentiful outdoor recreation opportunities.
Amenities within Northpointe at Vistancia are planned to include private resort-style recreation centers with swimming pools, community parks, a K-8 elementary school and an 1,100-acre mountain preserve with hiking trails and walking paths.
The entitlements for the 370-acre commercial mixed-use development are flexible to include a range of commercial/employment uses such as healthcare, retail, education and residential.
Land Resources Inc., a full-service real estate development and management firm, whose executives have led Vistancia’s development and management since 2004, will continue its work on the project.
In Q1 2021, IHP and Värde formed a joint venture to acquire 2,770 remaining lots within Sunfield, a seasoned master planned community with a total 6,550 homes. Sunfield is located near Austin, Texas, another rapidly growing suburb where there is high demand for affordable spacious homes.