Harvard Investments acquires master-planned King Ranch community land in Goodyear for $22M
Oct 1, 2023, 3:13 PM | Updated: 3:15 pm
(Harvard Investments photos)
PHOENIX — Real estate investment and development company Harvard Investments announced Friday it acquired the master-planned King Ranch community in Goodyear.
The company added to its portfolio the large acquisition of land on Sept. 5. Dallas-based HE Capital KR LLC sold the 1,864 square-foot land for $22 million.
King Ranch is at the northwest border of Estrella, one of the Valley’s largest master-planned residential communities. Estella is also part of the Harvard Investment portfolio. The new community is owned in a joint venture with Varde Partners and Toll Brothers Homes. King Ranch will remain as a standalone master-planned community and neighbor to Estrella, the company said.
In a development agreement with Goodyear, Harvard Investments will pay the city $16.8 million over the course of future development. It will help offset the city’s outstanding costs incurred under a previous owner to build the Cotton Lane bridge.
“We thank the City of Goodyear for their professional approach as we worked to acquire this property. Purchasing King Ranch was not without complications in terms of complex issues and a short escrow period. Harvard appreciates the clear, timely responses from the City to help move our purchase decision forward,” Tim Brislin, senior vice president of Harvard Investments, said in a press release.
“Goodyear is a key growth center for our region and Mayor Joe Pizzillo as well as the City Council are dedicated to providing a quality lifestyle, including housing, to Goodyear residents. This is our fourth major development project in Goodyear and we are invigorated to be an important part of the City’s vision.”
Harvard Investments’ footprint in the West Valley
In addition to King Ranch and Estrella communities, Harvard Investments developed FirstStreet Ballpark Village in Goodyear, a 251-unit, single-family build-to-rent community scheduled to begin leasing in late 2023. The company is partnering with Lincoln Property Company to develop Goodyear AirPark, a 7-million-square-foot industrial development spanning 565 acres adjacent to Phoenix Goodyear Airport.
Harvard Investments has real estate holdings throughout the western United States. Its portfolio includes commercial office buildings, retail properties, oil and gas production and discussion, broadcasting, surety bonding and insurance.