Blue Vista to Develop Two BTR Communities for $102M
The firm has acquired two land parcels near Phoenix, AZ to develop the projects, which will total 304 units.
PHOENIX, AZ – Investment management firm Blue Vista Capital Management has acquired land parcels outside of Phoenix, AZ to develop two build-to-rent communities, representing $102 million in total capitalized value.
The two class A projects, located in Litchfield Park, AZ and Goodyear, AZ will comprise more than 300 homes, totaling 265,028 square feet, upon completion. The developments will feature secure private gated entrances, private outdoor space, resort-style pools, clubhouses and outdoor lounge areas with grills. The homes will offer simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and nine-foot to 10-foot ceilings.
The transaction aligns with Blue Vista’s strategy to provide institutional investors with access to unique and differentiated core plus residential opportunities.
“The Litchfield Park and Goodyear projects are prime examples of Blue Vista’s strategic approach to developing core plus real estate in attractive markets backed by high population and job growth, with easy access to work and amenities,” says Matthew Schoaf, principal of acquisitions at Blue Vista. “We are pleased to deliver modern B2R options at market-rates to residents seeking flexible and modern accommodations in the area.”
The 137,043-square-foot Litchfield Park, AZ project will offer 153 units, consisting of 54 one-bedroom duplex units and 99 detached two-bedroom single-family rentals. The development is situated near the intersection of Dysart Rd. and Camelback Rd.
The 132,985-square-foot Goodyear, AZ project will feature 151 units, comprised of 60 one-bedroom duplex units and 91 detached two-bedroom single-family units. The development is located near the intersection of Sarival Ave. and Yuma Rd.
“As part of our overall residential investment strategy, we’ve developed a particular focus on partnering with best-in-class operators to develop modern B2R communities within our value-add and core plus strategies,” says David Katz, managing principal and co-head of real estate equity at Blue Vista. “Since 2020, we’ve developed a robust pipeline of B2R opportunities and executed over $300 million in transactions across seven communities, including this most recent transaction.”