PEORIA, AZ — Austin-based Castle Hill Partners made its Valley debut with the $106.58 million purchase of more than 5,200 acres in Peoria near Taiwan Semiconductor Manufacturing Co.'s $12 billion plant under construction in north Phoenix.
Originally planned as a master-planned community called Saddleback Heights back in the 1990s, the parcel is the largest remaining undeveloped master-planned community project in Peoria, said Greg Vogel, founder and CEO of Scottsdale-based Land Advisors.
Vogel — along with his team Ryan Semro, Bret Rinehart, Mike Schwab and Wes Campbell — represented Vandon Partners LLC, a partnership between Diamond Ventures and VT LandGroup, the seller in the transaction.
According to Tempe-based Vizzda LLC real estate database, Castle Hill Partners paid $106.58 million for the 5,255.57-acre property, which equates to $20,279.99 an acre. The deal closed March 9.
Officials with the City of Peoria told ABC15 they're expecting additional growth in the area.
"We are experiencing most of our development in the northern part of the city because that's where the undeveloped parts are," said Chris Jacques, the city's planning director.
According to Jacques, the Saddleback Heights area has been in the works for years.
"So we got it entitled in 2002 and in 2014 they came back to the city and amended the plan and development agreement so we always knew this master plan would come to fruition," he added.
Based on that plan, the new development can house more than 8,000 family units, three golf courses, two parks, two schools and at least one new public safety building for police and firefighters.
The city said they're looking forward to working with the new developers.
Read more of this story from the Phoenix Business Journal.