Arizona BTR Community Fetches $68M
Arizona has been the site of dozens of build-to-rent communities, but so far, few have sold. The 147-unit Havenly Fountain Hills was recently purchased for $68.3 million, about $464,000 per unit. The Private Portfolio group out of Washington state was the buyer. Keystone Homes, the builder and Lexin Capital, were the sellers. Berkadia arranged the sale and financing for the transaction.
The rental units for the community ranged in price from $2,090 for a one bedroom unit, to $3,570 for a three bedroom. 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 include covered and open spaces as well as detached garages.
Keystone’s next project is slated for Santa Fe, New Mexico…the city’s first BTR community.