ARIZONA NEWS

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)...

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.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Developer sells its signature build-to-rent community in north Phoenix