18,000 acres in planned community of Estrella sold for $ 212.5 million

Harvard Investments, Toll Brothers and Värde Partners announced today that they have formed a joint venture to acquire the remaining undeveloped land at Estrella, a planned mixed-use community located in Goodyear, Arizona. The acquisition includes over 18,000 acres of licensed land. This purchase is one of the largest acquisitions of an active community planned in Arizona to date.

“We are excited to add Estrella to our portfolio of properties in the Southwestern United States and to work with Toll Brothers and Värde Partners to apply our collective knowledge to Estrella’s future growth,” said Tim Brislin, vice president of Harvard Investments. “Our intention for Estrella is to build on its foundation of excellent planning and its reputation as a premier blueprint community. “

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Located just 17 miles west of Phoenix, the planned community is already home to more than 7,000 families. The community offers amenities including two lodges, resort-style pools and a water park, 72 acres of lakes, over 50 miles of trails and trails, the Estrella Yacht Club, and more. The new owner will pursue a thoughtful approach to community development and creating spaces that existing residents have come to appreciate. The acquired assets include current and future hospitality sites, multi-family and commercial plots and developer-owned amenities, including the award-winning Nicklaus Design course at Golf Club Estrella and the community welcome center, Casa Lucero.

“Toll Brothers is delighted to partner with Harvard Investments and Värde Partners as we continue to shape the growth of this exceptional community,” said Bob Flaherty, President of Toll Brothers Group. “We look forward to being part of the development team and being an active builder at Estrella, as well as a large list of quality builders who have been and will continue to be a driving force behind the growth of this community. extraordinary. “

Estrella will continue to actively develop new neighborhoods for a wide variety of builders, with additional plots coming online in the near term. Future business opportunities will be determined by the market. Estrella currently accounts for nearly 18% of Goodyear’s land area and future plans for the region will not only contribute to population and employment growth, but are also expected to continue to have a positive impact on the local economy. In addition to improving existing amenities, as development continues, it is anticipated that additional amenities will be added for residents of Estrella.

“Värde Partners continues to invest significantly in residential development projects in the Phoenix metropolitan area and we see strong potential for Estrella to grow as a premier community as part of this venture with Toll Brothers and Harvard Investments, ”said Brendan Bosman, Managing Director at Värde Partners.

Future planning includes the continuation of the villages of Lucero and Montecito, as well as the immediate planning of new villages east of Estrella Parkway. With the active and vibrant homebuyer market, the goal is to increase the variety of new home offerings and the number of builders, and to add more neighborhoods to the planned community for homebuyers.

To learn more about Estrella, visit https://www.estrella.com

About Jefferey G. Cannon

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