IHP Capital Partners and Värde Partners recently formed a joint venture to acquire the remaining 3,721 acres for development within Vistancia, a 7,100-acre mature master-planned community in Peoria. The transaction includes all 3,300 entitled residential dwelling units within the Northpointe at Vistancia community and 370 acres of commercial mixed-use development.

Construction at Northpointe at Vistancia has already begun, with the first phase of 437 lot improvements completed. The community’s 10-acre amenity site and 5,300-square-foot recreation center, The Sovita Club, are expected to be completed in fall 2021.

The master plan is fully entitled for 10,500 total homes, approximately 7,200 of which are already sold. The JV intends to deliver 520 single-family lots within Northpointe at Vistancia to homebuilders later this year, with lot sizes ranging from 5,175 to 7,200 square feet. Future phases of development are in the initial planning stages.

“One of the fastest growing metropolitan areas in the U.S., the Phoenix region continues to attract new residents from around the country who are drawn to its warm climate and affordable high quality of life,” said Richard Whiteley, co-president and chief operating officer at IHP Capital Partners.

Vistancia is located in the northwest Phoenix metropolitan area of Peoria.

Land Resources Inc., which has led Vistancia’s development and management since 2004, will continue its work on the project.