St. Clair Holdings Grabs Bungalows for $73M

The Bungalows on Estrella, a 183-unit garden-style multifamily property in Goodyear, AZ, recently sold for $73.2 million. The buyer was Georgia-based St. Clair Holdings.

Mark Forrester and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller, Arizona-based Cavan Companies LLC.

“Bungalows on Estrella marks the second horizontal built-for-rent sale of over $400,000 per unit in metro Phoenix that was handled by the Berkadia Phoenix team,” said Curtis.

Located at 15545 West Hudson Way, The Bungalows on Estrella features one-, two- and three-bedroom floorplans.

“Investor and renter demand for build-for-rent communities is at an all-time high and Bungalows on Estrella’s product offering site is ideally situated for residents of Goodyear and the West Valley of metro Phoenix,” said Forrester. “Also, this property closed escrow prior to a final certificate of occupancy, thus the property was not physically stabilized.”