Spruce Capital Group acquires Phoenix BTR community for $87.85m
Transactions - SEPTEMBER 11, 2023

Spruce Capital Group acquires Phoenix BTR community for $87.85m

by Denise Moose

Spruce Capital Group of Omaha, Nebraska, a private family-owned investment firm, acquired the build-to-rent (BTR), single family-style rental community, FirstStreet Happy Valley, for $87.85 million.

The 212-residence community is at 1717 W. Happy Valley Road in Phoenix. The seller was Harvard Investments, a real estate investment and development company based in Scottsdale, Ariz.

“FirstStreet Happy Valley is walking distance to the Shops at Norterra, it’s in proximity to strong employment corridors, neighborhood services, entertainment and great transportation access to Interstate 17 the Loop 101,” said Robert Trujillo, vice president at Harvard FirstStreet.

FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. A limited number of carriage units above the garages have private garage access and include soundproofing.

FirstStreet Happy Valley was completed in 2021 and is 94 percent occupied. The average size of the units is 1,904 square feet. The entire community covers 232,000 square feet of interior space.

The pet-friendly community features a dog park and washing station, with doggie doors in each residence. Additional amenities include a luxury resort-style pool, spa, fitness center and clubhouse.

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