Maracay Homes has bought 31.9 acres in Gilbert for the development of 63 new homes.
Maracay paid $4.26 million for the land near Riggs Road and 156th Street. The seller was Hari C. Puri.
Jeremy Lovejoy and Brian Stillman of Insight Land and Investments brokered the East Valley sale.
Maracay plans on developing a gated subdivision called Marathon Ranch.
Homes will range between 3,400 and 4,040 square and will be priced in the high $400,000s.
Maracay Homes Vice President of Land Acquisitions and Development Tom Lemon said development is to be completed and sales are slated to start in the first part of 2018.
“When we unveil Marathon Ranch to the public early next year, it will join Maracay’s The Preserve at Adora Trails as our second neighborhood to open in south Gilbert in less than a year,” said Lemon. “And, that isn’t by accident. This area, in particular, is one of the fastest-growing regions of the Valley, not only for its close proximity to top-rated schools and major employment hubs, but also because it offers convenient access to Phoenix’s big-city amenities while maintaining its rural charm.”