IHP Capital Partners, one of the nation’s leading real estate investment firms, and Cachet Homes, an Arizona-based luxury homebuilder, have formed a joint venture to acquire a 66.7-acre parcel in North Phoenix for the development and construction of 162 single-family homes. Within the Union Park at Norterra master-planned community, the project includes 102 alley-loaded lots and 60 traditional front-loaded lots. Development is underway and project completion is anticipated in quarter three of 2022. Sales are scheduled to open in summer 2022.
“Demand for new homes in Phoenix remains strong and North Phoenix continues to draw new residents and corporations, particularly within the semiconductor industry,” says Eric Koff, senior vice president at IHP Capital Partners. “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.”
The joint venture is developing two product types, designed to reflect Spanish, Desert Craftsman and Mission Revival architectural styles. The alley-loaded lots, named The Retreat, are 49 feet by 90 feet in size, or 4,410 total square feet. Home sizes will range from 2,272 to 2,931 square feet and will include three to four bedrooms and two and a half to three and a half bathrooms. Encore, the larger, traditional style lots, line the exterior border of the acquired parcel. These lots are 65 feet by 120 feet in size, or 7,800 total square feet. Home sizes range from 2,831 to 4,115 square feet and will include three to five bedrooms and three and a half to five bathrooms. Pricing will be announced in 2022.
Backbone infrastructure and construction of all amenities within Union Park at Norterra are complete. Phase two of the masterplan broke ground in late 2020. Approximately 700 residents currently live in the community with about 304 homes complete.
“Set against the Union Peak Sonoran Preserve backdrop, Union Park at Norterra is a brilliantly designed community that embraces the region’s natural landscape and incorporates a preferred farmhouse-inspired architectural style,” says Matthew Cody, president at Cachet Homes. “With a nearly 30-year history building luxury homes in Arizona and a successful Phase I in Union Park at Norterra, Cachet Homes is excited to partner with IHP on the last phase of this special project, bringing a new energy to the growing North Phoenix region.”
“The community’s location amidst the expanding local semiconductor industry and proximity to nearby employment centers makes Union Park at Norterra a prime destination for move-up homebuyers,” adds Koff. “The influx of new Arizona residents and eager millennial home seekers also support the remarkable rise in demand for quality new homes in North Phoenix.”