Värde Partners, a leading global alternative investment firm, has formed a joint venture with Toll Brothers, the nation’s leading builder of luxury homes, and Harvard Investments, a real estate investment and development company, to acquire Estrella in one of the largest active master planned community purchases in Arizona.
Estrella is a 20,000-acre mixed-use master-planned community in the City of Goodyear, Arizona. Located approximately 17 miles west of Phoenix, Estrella is already home to more than 7,000 families with more than 18,000 remaining developable acres.
The assets acquired include current and future home sites, multi-family and commercial parcels, a golf course, and developer-owned facilities. Estrella will continue to actively develop new neighborhoods for builders, with additional parcels coming online in the near term.
“We believe Estrella represents a compelling opportunity against a backdrop of continued strong demand for housing in major Sunbelt markets and complements our existing portfolio of master planned communities,” said Brendan Bosman, Managing Director at Värde Partners. “This multifaceted transaction reflects the deep experience we’ve built across U.S. residential land development and homebuilding over the past 28 years. We welcome the opportunity to partner with both a major homebuilder and a well-established development company to grow Estrella as
a leading master-planned community.”
“Toll Brothers is excited to partner with Harvard Investments and Värde Partners as we continue to shape the growth of this exceptional community,” said Bob Flaherty, group president for Toll Brothers. “We look forward to being part of the development team and an active builder in Estrella, together with a broad roster of other builders who have been and will continue to be a driving force behind the growth of this extraordinary community.”
“We are excited to add Estrella to our portfolio of properties across the southwestern United States and to work with both Toll Brothers and Värde Partners to apply our collective knowledge to the future growth of Estrella,” said Tim Brislin, Vice President of Harvard Investments. “Our intention for Estrella is to build on its foundation of excellent planning and continue on its
reputation as a best-in-class master-planned community.”
Estrella’s amenities include two clubhouses, resort-style pools and a waterpark, 72 acres of lakes, 50+ miles of paths and trails, and a yacht club. The assets acquired also include an award-winning Nicklaus Design golf course at the Golf Club of Estrella.
Future planning includes the continuation of the Lucero and Montecito villages, as well as immediate planning for new villages east of Estrella Parkway. With the active home buyer market, the goal is to increase the variety of new home offerings, the number of builders, and and more Estrella neighborhoods for home shoppers.