Estrella Community In Goodyear Purchased for $212M

GOODYEAR, AZ — A whopping 18,000 acres set for future development in the master-planned Estrella community was recently purchased through a partnership of Harvard Investments, Toll Brothers and Värde Partners, according to a news release.

The $212.5 million purchase is one of the largest acquisitions of an active master-planned community in Arizona history, according to the partners.

The Estrella community is already home to more than 7,000 families, and the partners are looking to develop its 18,000 acres with new neighborhoods constructed by a variety of builders.

With housing hard-to-come-by in the Phoenix metro area, the partners say that new parcels will be up for grabs in the near future.

The partners plan to continue developing the villages of Lucero and Montecito, and to plan for new villages east of Estrella Parkway. Developers plan to increase the variety of new homes available in Estrella as well as the number of builders, and to add more neighborhoods to the Estrella community.

“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 in the news release. “Our intention for Estrella is to build on its foundation of excellent planning and its reputation as a best-in-class master-planned community.”

Harvard Investments is a real estate investment and development company with developments throughout the western United States.

At present, the Estrella community takes up almost 18 percent of the land area in Goodyear, the partners said. The development is mixed-use and future commercial developments will be driven by the market.

Estrella already has more than 500 acres of parks and open space including more than 50 miles of paths and trails and 72 acres of lakes for boating and catch-and-release fishing, as well as facilities for many other outdoor activities.

The partners expect that the expansion of Estrella will positively impact population and job growth in Goodyear as well as the local economy.

“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 in the release. “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.”

Toll Brothers is a Fortune 500 Company that calls itself the nation's "leading builder of luxury homes."

The partners purchased existing and future home sites as well as multifamily and commercial parcels. Also included in the sale were developer-owned amenities, such as the award-winning Nicklaus Design course at the Golf Club of Estrella and community welcome center, Casa Lucero, according to the news release.

Värde Partners is a global alternative investment firm.