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Harvard Investments, Toll Brothers, and Värde Partners Acquire Estrella under Joint-Venture Partnership

Estrella Northlake

Harvard Investments, Toll Brothers, and Värde Partners Acquire Estrella under Joint-Venture Partnership

Acquisition Represents one of the Largest Active Master-Planned Community Purchases in Arizona History

GOODYEAR, Ariz. (Oct. 25, 2021) – Harvard Investments, Toll Brothers, and Värde Partners announced today they formed a joint venture to acquire the remaining undeveloped land in Estrella, a mixed-use master-planned community located in Goodyear, Ariz. The acquisition includes more than 18,000 acres of entitled land. This purchase is one of the largest acquisitions of an active master-planned community in Arizona to date.

“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 its reputation as a best-in-class master-planned community.”

Located just 17 miles west of Phoenix, Estrella is already home to more than 7,000 families. The community offers amenities, including two clubhouses, resort-style pools and a waterpark, 72 acres of lakes, 50+ miles of paths and trails, the Yacht Club of Estrella, and more. The new ownership will continue a thoughtful approach to community development and placemaking that existing residents have come to enjoy. The assets acquired include current and future home sites, multifamily and commercial parcels, and developer-owned amenities, including the award-winning Nicklaus Design course at the Golf Club of Estrella and community welcome center, Casa Lucero.

“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 quality builders who have been and will continue to be a driving force behind the growth of this extraordinary community.”

Estrella will continue to actively develop new neighborhoods for a wide variety of builders, with additional parcels coming online in the near term. Future commercial opportunities will be market driven. Estrella currently represents nearly 18% of the land area in Goodyear and future plans for the area will not only add to the population and job growth, but also are expected to continue to have a positive impact on the local economy. In addition to enhancing the existing amenities, as development continues it is anticipated that additional amenities will be added for Estrella residents.

“Värde Partners continues to invest meaningfully in residential development projects in the Phoenix metro area and we see the strong potential for Estrella to grow as a leading master-planned community under this venture with Toll Brothers and Harvard Investments,” said Brendan Bosman, managing director at Värde Partners.

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 and vibrant home buyer market, the goal is to increase the variety of new home offerings and the number of builders, and to add more Estrella neighborhoods for home shoppers.

To learn more about Estrella, please visit

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

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

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

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

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).

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Rachel Brockway