Family Development, Blue Vista Secure Loan for Phoenix BTR Property

A rendering of entrance to one of the single-family, build-to-rent residences planned for Villas Goodyear. Image courtesy of JLL

A joint venture between Blue Vista Capital Management and Family Development has secured a $33.8 million construction loan for the development of Villas Goodyear, a 151-unit, build-to-rent community in Goodyear, Ariz.

JLL Capital Markets arranged the three-year, fixed-rate loan from a regional bank for the joint venture. The team representing the borrower was led by Senior Director Brian Walsh, Senior Managing Director, Brad Miner and Analyst Dave Hunter. The same team arranged $30 million in construction financing for Blue Vista and Family Development in December to begin development of Villas Litchfield Park, a 153-unit, BTR project in Phoenix.

Located at 816 S Sarival Ave., Villas Goodyear will be constructed on 13.5 acres and will be within walking distance of dining, entertainment and service amenities as well as recreational areas. The property will offer residents rapid access to downtown Phoenix via Interstate 10 and Loop 303.

The BTR property will have one- and two-bedroom, free-standing, single-story units that have the privacy of a single-family home, including backyards, while also offering luxury amenities. The apartments will have quartz countertops, stainless steel appliances, microwave ovens and washers and dryers, as well as high-speed internet access and digital locks. Amenities will include a resort-style pool and spa, fitness center, outdoor lounge and grill area and open turf spaces. Covered parking will be available.

In addition to Villas Litchfield Park, Palm Desert, Calif.-based Family Development is also developing Town Germann. The company broke ground in November on the asset, a 209-unit single-family BTR project in Gilbert, Ariz. The developer is partnering with Mosaic on the 14.5-acre property, which is located within 20 miles of downtown Phoenix.