UrbanStreet Group Lands $62M for Phoenix-Area SFR Project
The community will comprise 307 units across 39 townhomes.
UrbanStreet Group purchased the 16.9-acre development parcel earlier this year. Rendering courtesy of Walker & Dunlop
UrbanStreet Group has received $62 million in construction financing for The Douglas at Goodyear, a 307-unit single-family-rental community in Goodyear, Ariz., in the Phoenix area. Walker & Dunlop Senior Managing Director Pat Dempsey led the team that arranged the 3-year floating-rate loan on behalf of the borrower.
The community will comprise 39 two-story townhomes. Amenities at the property will include a clubhouse, swimming pool, sports court, playground and dog park. The developer acquired the 16.9-acre parcel in March from Blueprint Capital, paying $14.5 million.
Located at 14935 W. Van Buren St., the site is near Interstate 10 and close to Loop 303. It is roughly 20 miles west of Phoenix and less than 3 miles from the Phoenix-Goodyear Airport. In its proximity there are numerous areas with concentrated retail and dining options.
In the first half of 2023, Phoenix led the nation in multifamily deliveries, as 8,062 units across 36 properties were brought online, accounting for 2.8 percent of total stock, according to a recent Yardi Matrix ranking.
As of June, Phoenix had 42,678 units under construction, of which 10,866 broke ground during the first half of this year, the same source shows.
