Harvard Investments, Toll Brothers, and Värde Partners announced today they formed a joint venture to acquire the remaining undeveloped land in Estrella, a mixed-use master-planned community located in Goodyear, Ariz. The acquisition includes more than 18,000 acres of entitled land. This purchase is one of the largest acquisitions of an active master-planned community in Arizona to date.
“We are excited to add Estrella to our portfolio of properties across the southwestern United States and to work with both Toll Brothers and Värde Partners to apply our collective knowledge to the future growth of Estrella,” 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 best-in-class master-planned community.”
Located just 17 miles west of Phoenix, the master-planned community is already home to more than 7,000 families. The community offers amenities, including two clubhouses, resort-style pools and a waterpark, 72 acres of lakes, 50+ miles of paths and trails, the Yacht Club of Estrella, and more. The new ownership will continue a thoughtful approach to community development and placemaking that existing residents have come to enjoy. The assets acquired include current and future home sites, multifamily and commercial parcels, and developer-owned amenities, including the award-winning Nicklaus Design course at the Golf Club of Estrella and community welcome center, Casa Lucero.
“Toll Brothers is excited to partner with Harvard Investments and Värde Partners as we continue to shape the growth of this exceptional community,” said Bob Flaherty, group president for Toll Brothers. “We look forward to being part of the development team and an active builder in Estrella, together with a broad roster of quality builders who have been and will continue to be a driving force behind the growth of this extraordinary community.”
Estrella will continue to actively develop new neighborhoods for a wide variety of builders, with additional parcels coming online in the near term. Future commercial opportunities will be market driven. Estrella currently represents nearly 18% of the land area in Goodyear and future plans for the area will not only add to the population and job growth, but also are expected to continue to have a positive impact on the local economy. In addition to enhancing the existing amenities, as development continues it is anticipated that additional amenities will be added for Estrella residents.
“Värde Partners continues to invest meaningfully in residential development projects in the Phoenix metro area and we see the strong potential for Estrella to grow as a leading master-planned community under this venture with Toll Brothers and Harvard Investments,” said Brendan Bosman, managing director at Värde Partners.
Future planning includes the continuation of the Lucero and Montecito villages, as well as immediate planning for new villages east of Estrella Parkway. With the active and vibrant home buyer market, the goal is to increase the variety of new home offerings and the number of builders, and to add more neighborhoods in the master-planned community for home shoppers.