PHOENIX and IRVINE, Calif. – May 6, 2021 – Berkadia announced today the sale of Village at Harvard Crossing, a new 184-unit single family for rent multifamily community in Goodyear, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix completed the $56.12 million sale on behalf of the seller, an entity of The Empire Group headed by Richard Felker.
Village at Harvard Crossing has been acquired by Harvard Crossing Investment Partner, LP, an entity of LVP partners. Per Mike Milhaupt, LVP’s lead Regional Partner, they have acquired $100 million of Metro Phoenix apartments since August 2020.
Stellar Residential, the management company the seller retained for the property’s lease up, will assume property management for the buyer, LVP partners.
Managing Director David Bleiweiss and Associate Director Jack Hunsicker of Berkadia Irvine secured the $33.67 million in permanent acquisition financing on behalf of the buyer. The seven-year Freddie Mac loan features a 60 percent loan-to-value ratio and full-term interest only.
“Village at Harvard Crossing, recently stabilized with increasing rents throughout the lease up, is well located just north of Interstate 10 near the new City Center of the burgeoning Western Phoenix suburb of Goodyear,” said Forrester. “Offering a high level of single level construction quality and interior finishes, residents enjoy a premiere low density living environment convenient to a multitude of employment hubs and retail and recreational amenities.”
Located at 15550 West Harvard St., Village at Harvard Crossing features one-, two- and three-bedroom floor plans with a full complement of appliances including full-size washers and dryers and private backyards. Community amenities in this gated community include an oversized lap swimming pool, an outdoor area with grilling stations, a fitness center, a clubhouse, a leasing center, a dog park, plus detached garages and covered and open parking.