A heavy-hitting team has paid $215.5 million for the 20,000-acre Estrella master-planned community in Goodyear, making it the second largest transaction in the West Valley within the past week. This deal, which closed Oct. 21, follows Howard Hughes Corp.'s $600 million purchase of the 37,000-acre Douglas Ranch in Buckeye.
The new owners of Estrella are Scottsdale-based Harvard Investments Inc Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Minneapolis-based Varde Partners Inc. Located about 17 miles west of Phoenix, Estrella is home to more
than 7,000 families and includes two clubhouses, resort-style pools, a waterpark, 72 acres of lakes, 50 miles of paths and trails, the Yacht Club of Estrella among other amenities.
The asset acquisition includes current and future home sites, multifamily and commercial parcels and developer-owned amenities, including the Nicklaus Design course at the Golf Club of Estrella and the community welcome center, called Casa Lucero.
This article was originally published by the Phoenix Business Journal on October 25th, 2021. If you would like to view the original article you can do that by clicking here.