Province in Maricopa, AZ Acquired by Meritage Homes
Meritage Homes Corporation announced today that they have purchased Province in Maricopa, AZ. Province is a popular active adult community near Phoenix. In 2006, it was voted the Best Active Adult Community in the country by the National Association of Homebuilders.
Province opened for sales in 2004 by the original developer, Engle Homes. Despite its initial success the real estate downturn proved detrimental to the Maricopa real estate market. As a result, Engle Homes filed for bankruptcy in 2008. Since then, the banks holding the community’s assets have shopped for a buyer to complete the development.
Province is comprised of 2,217 homesites, 882 of which had been sold prior to Engle’s filing for bankruptcy. The community includes a beautiful 32,000 square foot clubhouse that features a resort-style outdoor pool, an indoor lap pool, ballroom, fitness center, café, basketball court, outdoor amphitheater and tennis courts. There are also over 50 acres of lakes and 125 acres of parks and greenbelts.
Meritage Homes was a logical choice for the takeover of Province. The purchase adds to a growing lineup of Meritage active adult communities in the Phoenix and Tucson areas. Meritage is currently selling to 55-plus aged buyers at Mission Royale in Casa Grande, Las Campanas and Canoa Ranch in Green Valley, and Sundance in Buckeye. Meritage is renowned in the area for offering beautiful low-maintenance homes and well-designed, highly amenitized communities.
“Meritage has been actively pursuing opportunities to acquire finished lots in good sub-markets where we believe we can offer high-quality homes at very competitive prices, providing great values to our customers,” said Steven J. Hilton, chairman and CEO, Meritage Homes. “We believe the acquisition of properties like Province will help us achieve our strategic and financial goals.”
The news is equally exciting for current Province residents. The purchase by a reputable builder such as Meritage Homes further ensures that Province will remain a highly regarded active adult community in the Phoenix market.
“Meritage is a quality builder that will compliment the homes currently in the community started by Engle,” said Sandy Schoon, a local real estate agent who specializes in active adult communities. Schoon has helped numerous clients purchase at Province and Meritage’s nearby community, Mission Royale. “Meritage builds an excellent product for a reasonable value with up to date floor plans.”
Meritage plans to renovate the sales center and introduce new models by the end of 2009.
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I would be interested in hearing any details related to Meritage opening their new sales center and models. My wife and I are in the market for a new home and having viewed your Mission Royale location are very interested in seeing what is planned for Province. Thank you.