Quyp Development recently completed its $4 million purchase of 143 acres of property in Peoria in partnership with Versant Commercial Brokerage Inc.

The site will be used for a residential housing development expected to contain 1,920 single family and multifamily units.

The property abuts a lake and features 1.5 miles of lakefront.

"This is an exceptional property and we are excited to have the opportunity to develop it," Quyp Development  Owner Quinn Palomino said. "The natural beauty of the topography, water and vegetation is unique. The city of Peoria has done an amazing job with the surrounding development and infrastructure, and we look forward to working closely with them."

The new Peoria development will be Quyp's seventh site in the Phoenix area.