The Ellman Companies, through one of its affiliates, HE Capital Asante, announced the formation of a 50/50 joint venture with Lennar Communities to develop the approximately 3,000 acre Asante master planned community located in Surprise.

Details of the transaction were not disclosed, however the cost of developing the initial phases of the development are expected to exceed $155 million. Lennar, which has led the development since 2006, will manage the project for the new venture.

The Asante master planned community is strategically located along a 6-mile stretch of the Grand Avenue corridor just northwest of the Loop 303 freeway and is one of the signature developments in the Northwest Valley.

This marks the fourth major land acquisition by Ellman within the past year. Other land acquisitions include the 2,400 acre Preserve at Goldfield Ranch, a 1,275 acre parcel in Fountain Hills, and the prestigious 1,860 acre King Ranch parcel in Goodyear.

The Ellman Companies, the master developer of the 8 million square foot Westgate City Center mixed-use urban development in Glendale, also recently announced a Camelback Road luxury condominium development in Phoenix. The Ellman Companies now owns approximately 9,000 acres of signature developments in the Valley.

“We are delighted to team with Lennar on this project” said Ellman Sr. Vice President and General Counsel Bob Kaufman in a release. “Lennar is a leader in the home building industry and has a distinguished track record in the Arizona market. In terms of location and existing infrastructure, Asante is one of the best positioned developments in the Northwest Valley.”

The deal was brokered by Nate Nathan and Dave Mullard of Nathan And Associates, Inc.