Värde Partners Forms JV with Toll Brothers and Harvard Investments to Acquire the Estrella Master-Planned Community in Arizona

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October 25, 2021

MINNEAPOLIS, MN AND GOODYEAR, AZ – Värde Partners, a leading global alternative investment firm, today announced that it has formed a joint venture with Toll Brothers, the nation’s leading builder of luxury homes, and Harvard Investments, a real estate investment and development company, to acquire Estrella in one of the largest active master-planned community purchases in Arizona.

Estrella is a 20,000-acre mixed-use master-planned community in the City of Goodyear, Arizona. Located approximately 17 miles west of Phoenix, Estrella is already home to more than 7,000 families with more than 18,000 remaining developable acres.

The assets acquired include current and future home sites, multi-family and commercial parcels, a golf course, and developer-owned facilities. Estrella will continue to actively develop new neighborhoods for builders, with additional parcels coming online in the near term.

“We believe Estrella represents a compelling opportunity against a backdrop of continued strong demand for housing in major Sunbelt markets and complements our existing portfolio of master-planned communities,” said Brendan Bosman, Managing Director at Värde Partners. “This multifaceted transaction reflects the deep experience we’ve built across U.S. residential land development and homebuilding over the past 28 years. We welcome the opportunity to partner with both a major homebuilder and a well-established development company to grow Estrella as a leading master-planned community.”

“Toll Brothers is excited to partner with Harvard Investments and Värde Partners as we continue to shape the growth of this exceptional community,” said Bob Flaherty, group president for Toll Brothers. “We look forward to being part of the development team and an active builder in Estrella, together with a broad roster of other builders who have been and will continue to be a driving force behind the growth of this extraordinary community.”

“We are excited to add Estrella to our portfolio of properties across the southwestern United States and to work with both Toll Brothers and Värde Partners to apply our collective knowledge to the future growth of Estrella,” said Tim Brislin, Vice President of Harvard Investments. “Our intention for Estrella is to build on its foundation of excellent planning and continue on its reputation as a best-in-class master-planned community.”

Estrella’s amenities include two clubhouses, resort-style pools and a waterpark, 72 acres of lakes, 50+ miles of paths and trails, and a yacht club. The assets acquired also include an award-winning Nicklaus Design golf course at the Golf Club of Estrella.

Future planning includes the continuation of the Lucero and Montecito villages, as well as immediate planning for new villages east of Estrella Parkway. With the active home buyer market, the goal is to increase the variety of new home offerings, the number of builders, and add more Estrella neighborhoods for home shoppers.

About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde employs more than 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.

Värde has 28 years of experience investing in real estate. Previous investments in master-planned communities include: Daybreak in South Jordan, UT (SLC metro); Windsong Ranch in Prosper, TX (Dallas metro); Vistancia in Peoria, AZ; Verde River in Scottsdale, AZ; and Sunfield in Buda, TX (Austin metro).

About Toll Brothers
Toll Brothers, Inc., a FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit TollBrothers.com.

About Harvard Investments
Harvard Investments, Inc. is a real estate investment and development company with real estate holdings throughout the western United States. Harvard combines experience, integrity, and financial stability to create high quality, environmentally sensitive, and profitable communities. Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance. In 2021, The Hill Companies celebrates its 118th year of continuous family ownership and operation. To learn more visit http://www.harvardinvestments.com/.

About Estrella
Estrella is a 20,000-acre mixed-use master-planned community located in the City of Goodyear, approximately 17 miles west of Phoenix. Estrella features more than 500 acres of parks and open space including 50+ miles of paths and trails and 72 acres of lakes for boating and catch and release fishing, Starpointe and Presidio Residents Clubs, hiking trails, and basketball, volleyball, pickleball, and tennis courts. Estrella is also home to a Nicklaus-design championship golf course, The Golf Club of Estrella. For more information about Estrella, please visit estrella.com.