Berkadia Completes $68.3 Million Sale and Secure Financing for Build-for-Rent Community in Arizona
PHOENIX and SCOTTSDALE, Ariz. – March 6, 2023 – Berkadia announced today the sale of and financing secured for Havenly Fountain Hills, a new and recently stabilized 147-unit build-for-rent (BTR) community located in Fountain Hills, Arizona. Senior Managing Director Mark Forrester of Berkadia Phoenix completed the $68.3 million sale on behalf of the seller, Arizona-based Keystone Homes and Lexin Capital. The buyer was Washington-based Private Portfolio Group, and the deal closed on February 24.
“Our long-standing life company correspondent relationships are as valuable as ever in the current turbulent economic environment,” said Holland. “Being able to lock rate at application allowed the borrower to eliminate rate risk while focusing on the necessary due diligence and other aspects of the closing process.”
Located at 16550 East Avenue of the Fountains, Havenly Fountain Hills features one, two- and three-bedroom rental homes in the midst of downtown Fountain Hills, an affluent enclave adjacent to the North Scottsdale submarket of Northwest Metro Phoenix. Integrating oversized one- and two-story build-for-rent homes in a true residential scaled site plan, each rental home features 10-foot ceilings, fully fenced private back yards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Community amenities include a clubhouse, a fitness center, a resort-style heated swimming pool and spa, an outdoor game area, a putting green, walking paths and outdoor seating areas. Parking options for this gated asset include covered and open spaces as well as detached garages. The community offers residents convenient access to Fountain Hills Municipal Offices and Library, Fountain Hills Parks and Recreation, Fountain Hills Theater, Hills Golf Course, as well as many other golf courses and a multitude of nearby retail and restaurants.