Cachet Homes, a joint venture partner of the Real estate investment firm, IHP Capital Partners has acquired a 66.7-acre site in Norterra’s Union Park along 19th Avenue, for the purpose of constructing 162 new single-Family Homes in North Phoenix. The luxury home builder, Cachet homes purchased the land through its partnership with IHP Capital Partners, an investor in the deal, and both companies will be involved in the development and construction.
This Family Homes in North Phoenix project is planned for mixed-use within the Union Park at Norterra’s master planned community, which will consist of 102 alley-loaded lots as well as 60 traditional front-loaded lots. The plan includes a mix of 1100 multi-family properties, 1,100 standalone homes or single-family properties, a new K-8 elementary school, hotel and office space, and a unique commercial corridor which is to be called the Shops at Norterra.
The alley-loaded lots are to be named Retreat, and will contain homes within the size ranges of 2,272 to 2,931ft, with each home comprising three to four bedrooms and two and a half to three and a half bathrooms. The traditionally styled lots which are to be named Encore, will be located on the exterior border of the acquired site, and makes provision for 2,272 to 2,931ft2 size homes, with each home comprising three to four bedrooms and two and a half to three and a half bathrooms. The building designs will reflect Spanish, Desert Craftsman and Mission Revival architectural styles. At the moment, the Retreat and Encore homes are at the third and final phase of development and project completion is scheduled for the third quarter of 2022, with plans for sales to begin in summer 2022.
The senior vice president of IHP Capital Partners, Eric Koff said, “Demand for new homes Phoenix remains strong and North Phoenix continues to draw new residents and corporations, particularly within the semiconductor industry.”
Eric also explained that Union Park at Norterra would contain a wealth of amenities within the vibrant mixed-use community and a spacious desert setting. He stated, “IHP is pleased to partner with Cachet Homes, a well-known and respected builder in the Phoenix region, to deliver much-needed new homes that offer character and a preferred lifestyle.”