Cachet Homes, a joint venture partner of real estate investment firm IHP Capital Partners, has acquired 66.7 acres in Norterra’s Union Park along 19th Avenue to build 162 new single-family homes in North Phoenix. Luxury home builder Cachet Homes has acquired the property as part of its partnership with IHP Capital Partners, an investor in the transaction, and both companies will be involved in the development and construction. This North Phoenix Family Homes project is slated for mixed use within Union Park in Norterra’s planned master community, which will consist of 102 avenue plots and 60 traditional front loading plots. The plan includes a mix of 1,100 apartment buildings, 1,100 single-family homes or single-family homes, a new K-8 elementary school, hotel and office space, and a unique commercial corridor to be called Shops at Norterra. Also Read: Brooklyn Bedding Builds $ 72M In New Arizona Factory The alley-strewn lots are said to be called Retreat and include homes ranging in size from 2,272 to 2,931 feet, with each home three to four bedrooms and two and a half to three and a half bathrooms. The traditional style lots, which will be named Encore, will be on the perimeter of the property being acquired and will offer apartments ranging in size from 2,272 to 2,931 feet², with three to four bedrooms and two and a half to three bedrooms and half bathrooms in each house . The building designs will reflect the Spanish, Desert Craftsman and Mission Revival architectural styles. The Retreat and Encore houses are currently in the third and final phase of development and project completion is planned for the third quarter of 2022, with sales scheduled to begin in summer 2022. IHP Capital Partners Senior Vice President Eric Koff said, “The demand for new homes in Phoenix remains strong and North Phoenix continues to attract new residents and businesses, particularly in the semiconductor industry.” Eric also stated that Union Park in Norterra an abundance of amenities would be contained within the vibrant mixed-use community and an expansive desert landscape. He said, “IHP is excited to partner with Cachet Homes, a well-known and respected construction company in the Phoenix area, to deliver much-needed new homes with character and a preferred lifestyle.”
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