Developer sells its signature build-to-rent community in north Phoenix
Sep 11, 2023, 4:05 AM
This 212-unit build-to-rent community sold for $414,000 per unit. (Harvard Investments Inc. Photo)
(Harvard Investments Inc. Photo)
With several build-to-rent communities in varying stages of construction, Scottsdale-based Harvard Investments Inc. sold its 212-unit FirstStreet Happy Valley rental community in north Phoenix for $87.85 million.
Omaha, Nebraska-based Spruce Capital Group is the buyer, paying $414,000 per unit for the property at 1717 W. Happy Valley Road.
Long known for developing master-planned communities, Harvard entered the build-to-rent sector three years ago, creating a BTR brand called FirstStreet.
This property represents Harvard’s first build-to-rent community, completing the project on 18 acres two years ago.
Featuring rental units averaging 1,904 square feet, the property is 94% leased. Floor plans have attached and detached garages. A limited number of carriage units above the garages have private garage access and include soundproofing.
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