Brookfield Residential entered the Phoenix market in 2013 through a strategic joint venture to acquire the 3200 acre community of Eastmark. We subsequently acquired 160 acres at San Tan Heights in the Southeast Valley and entered a joint venture with New York real estate investment firm JEN Partners to acquire Vista Verde, an 850 acre community in the Northeast Valley.
Eastmark is ideally located in the top growth corridor of the Phoenix Metro area and is adjacent to the fast-growing Phoenix-Mesa Gateway Airport. It is envisioned to be a large-scale mixed-use community and our involvement in the development aligns with our strengths in developing master-planned and mixed use projects across North America. Eastmark is the number eleven master-planned community in the country in 2016 in terms of sales and number one in Arizona.VIEW EASTMARK'S COMMUNITY SITE
Located in the San Tan Valley, about 8 miles south of Eastmark, San Tan Heights will be developed into about 700 lots for sale to builders, targeting first time home buyers.
After acquiring Vista Verde, Brookfield/JEN sold the golf course and 450 raw acres to Shea Homes to develop an 1100 unit Trilogy at Verde River Ranch. Brookfield/JEN sold an additional 63 lots to Toll Brothers and Monterey retained 73 lots for future sale.