Oakwood Homes is adding to its pipeline of projects within Phoenix with a land acquisition that comes on the heels of an agreement to build townhouses as part of a mall redevelopment.
Clayton Properties Group, doing business as Oakwood, purchased the final residential parcel within Harvard Investments' Verde Trails master-planned community in Avondale, Arizona, for an undisclosed price. Oakwood plans to build 110 homes within the development.
The deal comes shortly after Oakwood was named the builder for new townhouses at the Metrocenter Mall redevelopment.
Denver-based Oakwood is a division of Clayton Homes and a subsidiary of Berkshire Hathaway.
Verde Trails spans approximately 350 acres and includes roughly 880 homes across a variety of lot sizes, with builders including Ashton Woods, Lennar Corp., Shea Homes, Meritage Homes and PulteGroup.
Ashton Woods, Meritage and Pulte were the initial builders in Verde Trails, collectively purchasing more than 500 lots from Harvard Investments in 2020.
"Verde Trails has always been about thoughtful design, connectivity, and quality living. This final neighborhood continues that legacy," said Amy Weidman, vice president of development with Harvard Investments, in a statement.
Scottsdale-based Land Advisors Organization's Ryan Semro and Bret Rinehart brokered the deal between Harvard Investments and Clayton, according to a news release.
Oakwood lists two single-family communities within Arizona, with one in nearby Surprise and the other in Coolidge in Pinal County, according to its website.
Oakwood will build nearly 750 townhouses at "The Metropolitan" in Phoenix over the next 18 months. Prices for those townhouses will range from the low $400,000s up to the $600,000s across three different options. The builder is slated to start construction in April 2026.
The Metropolitan — an $850 million mixed-use development — will feature for-sale and rental housing, entertainment, retail and restaurants.
Scottsdale-based Harvard Investments also leads the Estrella development in Goodyear. The 20,000-acre community recently received approval to reduce the maximum number of residential units from 8,400 down to 6,034, which Harvard says is more in line with plans for Estrella.