Harvard Crossing Acquires $100M in Phoenix Multifamily

Village at Harvard Crossing, a new 184-unit single family rental/multifamily community in Goodyear, recently sold for $56.12 million to Harvard Crossing Investment Partner LP, an entity of LVP partners.

Harvard Crossing has acquired $100 million in metro Phoenix apartments since August 2020, according to Mike Milhaupt, LVP’s lead regional partner.

Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller, an entity of The Empire Group headed by Richard Felker. David Bleiweiss and Jack Hunsicker of Berkadia Irvine secured the $33.67 million in permanent acquisition financing on behalf of the buyer. The seven-year Freddie Mac loan features a 60 percent loan-to-value ratio and full-term interest only.

“Village at Harvard Crossing, recently stabilized with increasing rents throughout the lease-up, is well located just north of Interstate 10 near the new City Center of the burgeoning western Phoenix suburb of Goodyear,” said Forrester. “Offering a high level of single-level construction quality and interior finishes, residents enjoy a premier low density living environment convenient to a multitude of employment hubs, and retail and recreational amenities.”

Village at Harvard Crossing features one-, two- and three-bedroom floorplans and is located at 15550 West Harvard St.

Berkadia Phoenix recently announced the $49 million sale of Bungalows on Pine Cliff, a multifamily property in Flagstaff, along with the sale of and $43 million in financing secured for Escape at Arrowhead, an under-construction multifamily community in Glendale.