SURPRISE, AZ — Phoenix-based TerraWest Communities just paid $10 million in cash for a 210-acre parcel in the West Valley.
Funded by New York-based JEN Partners LLC's private equity real estate fund, TerraWest bought the vacant land near 219th Avenue and Sun Valley Parkway in Surprise from entities tracing to Wayne R. Moretti, according to Tempe-based real estate data firm Vizzda LLC.
While Moretti originally zoned the property for 1,200 units back in 2005 before the Great Recession, the master-planned community was never developed.
The project needs to be rezoned, said Michael Jesberger, principal of TerraWest Communities. He said he plans to rezone the property for somewhere between 750 and 1,000 homes, with 20 to 30 acres for commercial property that could include a power center. Jesberger expects the rezoning process to be completed in about a year, while the developer could break ground and begin selling lots to builders by late 2026.
