Cadence at Gateway in the East Valley is one of the top-selling master-planned communities in the nation.

PROVIDED BY HARVARD INVESTMENTS INC.

By Angela Gonzales  – Senior Reporter, Phoenix Business Journal

Maracay has plopped down nearly $11 million to acquire single-family home lots at Cadence at Gateway, a top-selling master-planned community in Mesa.

Plans call for building 127 homes at the community being developed by Scottsdale-based Harvard Investments Inc., said Jason Weber, vice president of land acquisition and development for Scottsdale-based Maracay, which is owned by Irvine, California-based TRI Pointe Group (NYSE: TPH).

While it's too early to disclose home prices, Weber said the lots are smaller than Marcay's typical homes, which generally are built for move-up homebuyers and range from 2,800 to 3,600 square feet.

The homes at Cadence will range from 1,850 to 2,492 square feet, he said.

"Maracay feels like the Cadence master plan is a great fit with our premium lifestyle brand," Weber said. "Customers won't have to compromise on location and they will enjoy resort-style amenities, but at a more attainable price point than is typically available for a Maracay home."

The 464-acre Cadence master plan includes an 8-acre, $8.5 million community park and clubhouse that features a resort-style pool complex, water slides and sports court, Weber said.

"This is a bit of a change for us to address the affordability issue," Weber said.

Jason Weber, vice president of land acquisitions and development for Scottsdale-based Maracay.

PROVIDED BY MARACAY

Cadence was named one of the nation's top-selling master-planned communities of 2019 by RCLCO Real Estate Advisors, making the list for the first time.

Cadence's first phase is 90% sold out, which means Harvard Investments has worked to solidify homebuilders for phases two and three of the community.

Maracay and Toll Brothers Inc. (NYSE: TOL) will take 377 lots in Phase 3, while Miami-based Lennar Corp. (NYSE: LEN) will take all 488 lots of phase two, Weber said.

Scottsdale-based Maracay will build 127 homes at Cadence at Gateway, a top-selling master-planned community in Mesa.

PROVIDED BY MARACAY

Cadence is near Eastmark, which was named the Valley's top-selling master-planned community.

"The schools are really great and there's new retail and development coming in," Weber said. "It's close to Gateway Airport, a big economic engine for the area."

It's also near State Route 24, the route that links Loop 202 to Ellsworth Road, which is important, he said.

"The area is maturing," he said.



Cadence at Gateway is a top-selling master-planned community near Eastmark, the Valley's top-selling master-planned community in Mesa.

PROVIDED BY MARACAY