Berkadia Institutional Solutions announced today the sale of The Bungalows on Estrella, a 183-unit garden-style multifamily property in Goodyear, Arizona.
Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix completed the $73.2 million sale on behalf of the seller, Arizona-based Cavan Companies, LLC. The buyer was Georgia-based St. Clair Holdings, and the deal closed on December 17.
“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.
“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.”
Located at 15545 West Hudson Way, The Bungalows on Estrella features one-, two- and three-bedroom floor plans with in-unit washers and dryers, 10-foot ceilings and walk-in closets. Community amenities include a swimming pool, a fitness center, a clubhouse, a dog park and covered parking. The property affords residents immediate access to the new Goodyear Regional Park/Recreation Center and is also close to significant multifamily demand generators such as the Spring Training Facilities at Goodyear Ballpark, the burgeoning employment corridors along Interstate 10 and Loop 303 and 101 Freeways and many neighborhood retail outlets, schools and Goodyear’s municipal complex.