Quyp Development has acquired 143 acres of land in Peoria for $4 million with plans for a residential development.

The property surrounds a 57-acre lake in Peoria west of Lake Pleasant Parkway and Dixileta Drive. 

Current plans call for development of up to 1,920 units of single family and multi-family residential along 1.5 miles of lakefront property.

“This is an exceptional property and we are excited to have the opportunity to develop it,” said Quinn Palomino, Quyp Development owner.

Versant Commercial Brokerage Inc. assisted Quyp Development with the property acquisition and financing.

This is the seventh property acquisition for Quyp Development in the metro Phoenix market, including projects in Mesa, Avondale, Tolleson, Goodyear, and Phoenix.  

Cathy Cheshier from Property Dimensions Real Estate Group represented the seller. 

Quyp Development has additional development projects in Texas, Missouri, Nevada and Tennessee. 

Palomino also owns Clear Vista Management, an asset management firm based in San Diego, and is a founder and principal of Virtua Partners, Versant Commercial Brokerage, and Saffire 1031.