IHP Capital Partners and Värde Partners have formed a joint venture to acquire the remaining 3,721 acres of land for development within Vistancia, a 7,100-acre mature master-planned community in Peoria, Ariz.
The transaction includes all 3,300 entitled residential dwelling units within the Northpointe at Vistancia community and 370 acres of commercial mixed-use development.
Construction at Northpointe at Vistancia has begun already, 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 square feet 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, t
