Article Originally Posted On Phoenix Business Journal On June 5, 2021
Two giant real estate investment firms are partnering to buy the balance of Vistancia, a 7,100-acre master-planned community in Peoria.
Newport Beach, California-based IHP Capital Partners teamed up with Minneapolis-based Varde Partners to acquire the remaining 3,721 acres of land for development within Vistancia, which includes all 3,300 entitled residential dwelling units within the Northpointe at Vistancia community and 370 acres of commercial mixed-use development.
While this is IHP Capital Partners’ first land acquisition in Arizona, Varde Partners has other investments here, said Richard Whiteley, co-president and COO at IHP Capital Partners.
With the first phase of 437 lot improvements already completed, Northpointe’s 10-acre amenity site and 5,300-square-foot recreation center, called The Sovita Club, are expected to be completed later this fall.