Harvard Investments closed on the $87.85 million disposition of one of its signature build-to-rent (BTR), single-family-style rental communities, FirstStreet Happy Valley.
The sale of the 212-residence community at 1717 W. Happy Valley Road in Phoenix, fetched an impressive $414,000 per unit. The buyer was Spruce Capital Group of Omaha, Nebraska, a private family-owned investment firm.
“It’s good for the market to get that kind of price; it shows there is still strong demand for high-quality multifamily properties in good locations,” said Robert Trujillo, Vice President of Harvard FirstStreet. “Another key advantage our properties have is our best-in-class amenities, both the property amenities and the neighborhood amenities, and FirstStreet Happy Valley has both.
“FirstStreet Happy Valley is walking distance to the Shops at Norterra, it’s in proximity to strong employment corridors, neighborhood services, entertainment, and great transportation access to I-17 the Loop 101,” Trujillo said.
Just east of the SEC of Happy Valley Road and 19th Avenue, FirstStreet Happy Valley offers one-, two-, and three-bedroom floor plans with attached and detached garages. A limited number of carriage units above the garages have private garage access and include soundproofing.
FirstStreet Happy Valley was completed two years ago and is 94 percent occupied, according to Trujillo. The average size of the units is 1,904 SF. The entire community covers 232,000 SF of interior space.
The pet-friendly community features a dog park and washing station, and doggie doors in each residence. Additionally, a luxury resort-style pool, spa, fitness center, and clubhouse are showcase amenities.
Harvard Investments is developing three additional BTR communities in Metro Phoenix. Each is at a varying degree of construction. FirstStreet Ballpark Village in Goodyear (251 units) is scheduled to begin leasing in October, Trujillo said.
FirstStreet Skyline in Buckeye (222 units) has a construction start date of 1Q 2024; FirstStreet Verde Trails in Avondale will feature 110 platted lots for two-story, single-family rental homes. Harvard Investments is planning another single-family rental community in its Bella Camino master plan in San Tan Valley.
Harvard Investments is developing a 165-unit BTR community in North Las Vegas, Nevada, and two more in Texas and New Mexico.
“We believe BTR is a preferred living environment for the privacy it offers – no neighbors on floors above or below you and a private fenced yard,” Trujillo said.