Harvard Investments added another large land acquisition to its portfolio as it continues to grow its footprint within the City of Goodyear with the $22 million purchase of the King Ranch master-planned community.
Harvard Investments closed on the 1,864-acre asset on Sept. 5, purchasing it from Dallas, Texas-based HE Capital KR LLC. HE Capital bought the land in 2008, owning it for 15 years but did not move forward with development.
King Ranch sits along the northwest border of Estrella, one of the Valley’s largest master-planned residential communities, and part of the Harvard Investments portfolio. It is owned in a joint venture with Varde Partners and Toll Brothers Homes. King Ranch is to remain as a stand-alone master-planned community and neighbor to Estrella.
As part of the development commitment with Goodyear, Harvard Investments is to pay the City $16.8 million over the course of future development to help offset the City’s outstanding costs incurred under a previous owner to build the Cotton Lane bridge.
“We thank the City of Goodyear for their professional approach as we worked to acquire this property. Purchasing King Ranch was not without complications in terms of complex issues and a short escrow period. Harvard appreciates the clear, timely responses from the City to help move our purchase decision forward,” said Harvard Investments Senior Vice President Tim Brislin.
“Goodyear is a key growth center for our region and Mayor Joe Pizzillo as well as the City Council are dedicated to providing a quality lifestyle, including housing, to Goodyear residents. This is our fourth major development project in Goodyear and we are invigorated to be an important part of the City’s vision,” Brislin said.
Harvard Investments’ presence in Goodyear includes:
- Estrella, a 20,000-acre mixed-use master-planned community, today home to 8,000 families. Sitting within the foothills of the Estrella Mountains, it includes more than 50 parks and 65 miles of paths and trails, 500 acres of open space, and 72 acres of lakes.
- FirstStreet Ballpark Village in Goodyear, a 251-unit, single-family build-to-rent community scheduled to begin leasing in late 2023. Amenities include a resident clubhouse, resort-style pool, fitness center, dog park, additional community parks and planned events. The community is across from Goodyear Ballpark, the spring training facility shared by the Cincinnati Reds and Cleveland Guardians.
- Harvard Investments, in partnership with Lincoln Property Company, is developing Goodyear AirPark, a 7 million square foot industrial development on 565 acres adjacent to Phoenix-Goodyear Airport.
“We see King Ranch as a unique master-planned community where we can offer a variety of housing choices, best-in-class amenities, and the opportunity to be part of the City’s El Rio Park plan,” said Harvard Investments Director of Entitlements Amy Weidman. “As an investor and landowner in Goodyear, Harvard Investments is a true development partner in the West Valley. We look forward to continuing our partnership with Goodyear.”
Harvard Investments brings years of development expertise and experience to its latest acquisition.
“The Harvard team shines when thinking through complex challenges to create outstanding communities. We take great pride in harnessing our deep experience to develop places where our residents can come together to create positive experiences for years to come. I’m excited to say planning is underway on King Ranch as we embrace the opportunity to create a new signature master-planned community for the West Valley,” Weidman said.
