Toronto-based Mattamy Homes recently closed on 72 acres in Surprise for its $115 million master-planned community called Bonita Ranch.

The Canadian homebuilder purchased the site located in the northwest Loop 303 corridor at Jomax Road and 147th Avenue in November for nearly $11 million, according to the company.

Don Barrineau, president of Mattamy's Phoenix division, said Mattamy Homes believes in Phoenix and plans to have a "significant presence for a long time."

Mattamy also has the financial horsepower to complete a variety of land deals, while also being able to maneuver as a privately-held firm, Barrineau said.

"Despite Bonita Ranch not being in our acquisition plan for this year, we bought it nonetheless," Barrineau said in an email. "Fundamentally we want to own land in great Phoenix submarkets, and this definitely makes the grade."

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By Audrey Jensen, Reporter - Phoenix Business Journal