Developer buys 210 acres in Surprise to create master-planned community with 1K homes

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.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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