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1717 W. Happy Valley Road, Phoenix, AZ 85085
FirstStreet at Happy Valley
Berkadia is pleased to present the opportunity to acquire FirstStreet at Happy Valley, a Class A, luxury Built-For-Rent community boasting a timeless design, market leading amenities, and superior finishes. The property offers 212 built-for-rent apartment homes featuring a mix of single-story apartment homes and two-story townhomes with attached garages.
The best-in-class asset features an expansive clubhouse with co-working office environment, resort style pool & spa, private fitness center, and expansive two-acre dog park creating a modern oasis that provides its residents with a plethora of opportunities to escape or engage. Amenities are complemented by attractive interior finishes including aesthetic and functional kitchens with under cabinet lights, backsplash, stainless steel appliances, and dine-in islands, smart home technology, walk-in closets, doggie doors, and private, fenced backyards.
FirstStreet is located in the center of Norterra, an upscale Live-Work-Play area in North Phoenix offering a robust, local retail and dining scene. The Shops at Norterra offers 50+ trendy shops, restaurants, and junior anchors in an open-air, village environment while the neighboring Happy Valley Town Center provides convenient national retailers such as Walmart Supercenter, TJ Maxx, and Lowe’s Home Improvement. Norterra’s success is driven by more than 140,000 jobs in the Deer Valley/I-17 employment corridor, which include major offices for several Fortune 500 companies like USAA (4,400 jobs), Cigna (1,900 jobs), Discover Financial (3,000 jobs), Honeywell (2,200 jobs) and American Express (6,100 jobs).
Demand for this area is anticipated to continue its growth with substantial investments propelled by the future Taiwan Semiconductor Manufacturing Facility (TSMC). The $40B investment represents one of the largest foreign investments in America’s history and is slated to bring 4,500 new, direct, high-salary jobs and upwards of 150,000 indirect jobs to the submarket.
Premier Built-for-Rent Offering
Opportunity to purchase a highly designed and constructed BFR community featuring a mix of cottage-style apartment homes and townhomes with attached garages.
FirstStreet at Happy Valley boasts market leading amenities including a resort-style pool, fitness center, expansive clubhouse, and a private 2-acre dog park.
Connectivity to Employment and Lifestyle
Excellent connectivity to employment and lifestyle hubs
Proximity to TSMC Mega Facility
FirstStreet is just fifteen minutes from TSMC’s game changing ±$40B manufacturing facility. TSMC represents one of the largest foreign investments in America’s history and is slated to bring ±4,500 new direct jobs / 150,000 indirect jobs to the market.
- Shops at Norterra and Happy Valley Towne Center (1 mi)
- USAA Corporate Campus (1.25 mi.)
- Deer Valley/I-17 Industrial Corridor (0-5 mi.)
- TSMC Mega Facility (8 mi.)
Highly rated school district
FirstStreet at Happy Valley pulls into the Deer Valley Unified School District ranked the 6th best school district in Arizona by Niche.com.
Impressive recent lease trade out trends
YTD tradeouts have experienced an average increase of 7.2% on new leases and 9.6.% on renewals.
Affluent community demographics
FirstStreet boasts an average household income greater than $120,000 per year
Option for attractive debt assumption
The asset is offered either free and clear or with assumable debt with an accretive rate and four years of interest-only term remaining.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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Senior Managing Director
Senior Managing Director