Homebuilders buy 600 lots at Peoria master-planned community
Homebuilders buy 600 lots at Peoria master-planned community
Two of the nation’s largest homebuilders just plopped down a total of $54 million to buy the first nearly 600 lots at Saddleback, a new 5,300-acre master-planned community being developed in north Peoria.
Miami-based Lennar Corp. (NYSE: LEN) and Scottsdale-based Taylor MorrisonHome Corp. (NYSE: TMHC) are the first two homebuilders to buy land atSaddleback, being developed by Austin-based Castle Hill Partners. Lennar’s landbanker AGWIP Asset Management paid $27.81 million to CastleHill Partners for 289 lots, while Taylor Morrison paid $26.05 million for 293 lots, according to Tempe-based Vizzda LLC real estate database.
In addition, Scottsdale-based Camelot Homes is under contract for 19 larger,80-foot wide lots, said Carlee Ryan, vice president of asset management forCastle Hill Partners. This will be Camelot’s first community in the northwest Valley.
Taylor Morrison and Lennar are within the first village called Saltbrush, while Camelot’s larger lots are a bit further north in an exclusive gated enclave, higher up the mountain with premium views.
“We are speaking with two additional homebuilders for the next phase,” Ryan said. “At the moment, I would imagine we would go into escrow this summer and look to close in early 2026.”
Greg Vogel, Ryan Semro and Bret Rhinehart of Scottsdale-based Land Advisors Organization represented Castle Hill Partners in all the transactions.
Land Advisors CEO: ‘Scottsdale of the West Valley’
Vogel, founder and CEO of Land Advisors, said he’s worked on many projects across the country but that the property at Saddleback is the most beautiful piece of raw land he’s ever seen. “The views are exceptional throughout most of the project,” Vogel said. “The quality of builders that are being selected along with the quality of homes that will be built and the price point of these homes, as people have said many years ago this area of north Peoria really is the Scottsdale of the West Valley.”
Located near the southwest corner of State Route 74 and Quintero Lane, TaylorMorrison and Lennar’s lots are minutes away from Taiwan Semiconductor Manufacturing Co.’s $165 billion chip factories under development in north Phoenix, which is attracting other companies and will create thousands of jobs and a need for more homes up in that area, Vogel said.
“On the whole, Saddleback is just drop-dead gorgeous,” Vogel said. So true, said Jeff Gunderson, senior vice president of land acquisition for Lennar.
Saddleback’s strongest amenities are the surrounding mountains and opportunities for hiking and outdoor activities, Gunderson said. “It’s literally tucked into the mountains,” he said. Gunderson had been eyeing this land even before Castle Hill took ownership ofit in March 2022, when it paid $106.58 million for the vacant land.
“We’ve been working on this for years with Castle Hill,” Gunderson said. “We opened escrow over a year ago. We’ve been hanging with them as they’ve been going through the entitlement period. We couldn’t be happier to work with a great seller and master developer like Castle Hill.”
Lennar already has a relationship with Castle Hill, building homes within CastleHills communities in Texas, Gunderson said. “This is their first big project here,” he said. Lennar will begin construction in mid-2026 for homes ranging between 1,700to more than 3,000 square feet, with prices starting in the $500,000s, Gunderson said.
Taylor Morrison homes up to 3,800 square feet
Taylor Morrison’s homes will range from 1,600 to 3,800 square feet, said BradSchoenberg, Phoenix division president of Taylor Morrison. He said it’s too soon to disclose pricing. “The Phoenix MSA land market is very competitive,” Schoenberg said. “We are always looking for locations where we can make a difference for our customers. Saddleback is sure to be one of those locations.”
Meanwhile, Camelot’s 19 homes will range between 3,000 and 5,500 square feet with an average lot size of a third of an acre, said Kevin Rosinski, COO for Camelot Homes. Homes will start in the low to mid $1 million range, he said. Construction and sales are slated to begin in 2026, he said.
Camelot is known for its award-winning luxury homes in the north Scottsdale area, and it has built at the Verrado master-planned community in Buckeye, but this is the first time the luxury homebuilder will work in the northwest Valley.
It’s unusual for a luxury homebuilder to be among the first to buy lots within anew master-planned community. Usually those lots are sold after much of the community has been built out. “For us to come in as that luxury semi-custom production builder, it’s going to set the bar higher for everyone within that community,” Rosinski said. “I’m super excited about introducing Camelot to that part of the Valley. I really am optimistic it’s going to be a very successful and very rewarding product.”
Castle Hill has been a great partner, he said. “Hopefully, being out there for one of the first closings and one of the last closings is my goal,” Rosinski said.
Castle Hill broke ground on the development last November, when Lennar and Taylor Morrison were named as the first two homebuilders selected for the project. Ryan expects a grand opening in spring 2026. “They are on site and running toward a spring launch next year,” she said.
