Real estate investment firm IHP Capital Partners has created a joint venture (JV) with luxury homebuilder Cachet Homes to acquire a 66.7-acre site in North Phoenix, Arizona, the US to construct 162 new single-family homes.
The project, planned to be built in the Union Park at Norterra mixed-use master-planned community, will consist of 102 alley-loaded lots as well as 60 traditional front-loaded lots.
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The masterplan includes around 1,100 multi-family homes, 1,100 single-family, a new K-8 elementary school, hotel and office space and a unique destination retail corridor named the Shops at Norterra.
The alley-loaded lots, named The Retreat, will include 2,272 to 2,931ft2 size homes. These homes will comprise three to four bedrooms and two and a half to three and a half bathrooms.
The traditional style lots, named Encore, will be on the exterior border of the acquired site. These lots will include 2,831 to 4,115ft2 size homes, comprising three to five bedrooms and three and a half to five bathrooms.
Work on the project is expected to complete in the third quarter of 2022 and sales are planned to begin in summer 2022.
The homes at these two lots are the third and final phase of the Union Park at Norterra development.
IHP Capital Partners senior vice president Eric Koff said: “Demand for new homes in Phoenix remains strong and North Phoenix continues to draw new residents and corporations, particularly within the semiconductor industry.
“Union Park at Norterra is a vibrant mixed-use community in a spacious desert setting with a wealth of amenities.
“IHP is pleased to partner with Cachet Homes, a well-known and respected builder in the Phoenix region, to deliver much-needed new homes that offer character and a preferred lifestyle.”
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IHP, Cachet Homes to build 162 single-family homes in North Phoenix. Credit: IHP Capital Partners.
