Berkadia Completes $87.85M Sale of Single-Family Built-For-Rent Property in Arizona
PHOENIX – August 30, 2023 – Berkadia announced today the sale of FirstStreet at Happy Valley, a 212-unit, cottage-style, built-for-rent, multifamily property in Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne, Senior Director Spencer Scott, and Director Andrew Curtis of Berkadia Phoenix completed the $87.85 million sale on behalf of the seller, Arizona-based Harvard Investments. The buyer is a private family office and the deal closed on August 23.
“We are pleased to represent the seller, Harvard Investments, in this transaction,” said Forrester. “They delivered a remarkable community in Deer Valley’s booming employment corridor and the buyer will enjoy the submarket’s demand generators for years to come.”
Located at 1717 W Happy Valley Road in Phoenix, FirstStreet at Happy Valley boasts market-leading amenities and superior finishes and is comprised of one-, two-, and three-bedroom casita-style units (attached & detached) with an average unit size of 1,094 square feet. The low-density community offers a mix of single-story apartment homes and two-story townhomes with attached garages. The best-in-class asset features an expansive clubhouse with a co-working office environment, resort-style pool & spa, private fitness center, and expansive two-acre dog park creating a modern oasis that provides its residents with a plethora of opportunities to escape or engage. Amenities are complemented by attractive interior finishes, including aesthetic and functional kitchens with undercabinet lights, backsplash, stainless steel appliances, dine-in islands, smart home technology, walk-in closets, doggie doors, and private, fenced backyards.
FirstStreet is located at the center of Norterra, an upscale Live-Work-Play area in North Phoenix offering a robust local retail and dining scene. The Shops at Norterra & Happy Valley Town Center offer over 100 trendy shops, restaurants, and junior anchors in an open-air, village environment, while the neighboring Happy Valley Town Center provides access to convenient national retailers such as Walmart Supercenter, TJ Maxx, and Lowe’s. Norterra’s success is driven by more than 140,000 jobs in the Deer Valley/I-17 employment corridor, which include major offices for several Fortune 500 companies, like USAA (4,400 jobs), Cigna (1,900 jobs), Discover Financial (3,000 jobs), Honeywell (2,200 jobs) and American Express (6,100 jobs).
Berkadia’s Senior Managing Director Mark Forrester, and Director Andrew Curtis have been recognized as industry leaders in the build-to-rent arena, with a combined experience of 15 years and a transaction volume of $2.5 Billion across 64 properties and six states across the nation.