Vista Verde, the youngest of the Verde Communities siblings and master planned golf oriented community, has been purchased by Vista Verde 2013, LLC.

The transaction ends the association of the original developers who began work on Rio Verde more than 40 years ago and continued with Tonto Verde about 20 years ago.

The new owner is a partnership between JEN Partners, LLC and Brookfield Residential Properties, Inc., with the development work to be managed by TerraWest Communities, LLC.

The property is located at 172nd Street and Rio Verde Drive north of Fountain Hills.

The transaction closed Oct. 1 and is comprised of 150 finished lots, 454-acres of raw land, the 18-hole Vista Verde Golf Course, and some golf equipment. The sale price was not disclosed.

The new owners include New York-based JEN Partners, one of the country’s leading investors in residential land and home building companies.

JEN and its principals have invested in excess of $3 billion in residential land and backed eight home-building companies representing more than $1 billion in value.

Brookfield Residential Properties is the sixth largest land developer and home building company in North America.

The 50-year-old Canadian company has operations in Austin, Calgary, Denver, Edmonton, Los Angeles, Phoenix, Sacramento, San Diego, San Francisco, Toronto, and Washington, D.C.

Arizona-based TerraWest Communities is the onsite development company charged with managing the venture and spearheading the various teams that will reposition the community.

TerraWest Communities plans to re-launch the community with a new name, amenity package, revised housing mix and enhanced marketing program.

A select list of luxury home builders will have the opportunity to purchase home sites yet this year, with home sales to the public beginning in late 2014.

Additional details are in Wednesday's edition of The Fountain Hills Times.