Blue Vista Capital Management and Family Development have secured a $30 million construction loan for Villas Litchfield Park in Arizona. However, it was JLL‘s team who arranged the three-and-a-half-year loan through Old National Bank, on behalf of the developers. The JLL team that represented developers comprises Senior Director Brian Walsh, Senior Managing Director Brad Mine and Analyst Dave Hunter.
Earlier this year, the developers acquired the Villa Litchfield Park site along with another property located in Goodyear for $102 million. Their plan was to develop two build-to-rent (BRT) projects in Arizona featuring similar unit styles and amenities. The Litchfield project will be a 153-unit BRT project situated at a dense infill location in Phoenix’s West Valley region. Meanwhile, the Goodyear project is a 151-unit apartment, which is currently still in the planning phase.
Also Read 3 Toll-Equity Residential apartment communities coming to Texas
Matthew Schoaf, a Blue Vista principal, said projects like Litchfield Park and Goodyear would create attractive real estate options. Especially since these projects are backed by high population and job growth, with easy access to work and amenities. Schoaf also said his company was pleased to deliver modern B2R options at market rates to residents seeking flexible and modern accommodations.
Development plans for the Villas Litchfield Park
The Villas Litchfield Park is easily accessible to downtown Phoenix since its location is within six miles of Interstate 10. Additionally, the project will be within a mile of Camelback Crossing Shopping Centre, an area poised for further growth. Therefore, residents will have access to several retail, dining, recreational, and entertainment options around the project’s location.
The Villas Litchfield Park will be developed on a 13-acre property, which will feature 153 single-story style apartment units. In total, the project comprises 54 one-bedroom duplex units and 99 detached two-bedroom single-family rentals. Residents will have access to laundry facilities and backyards. Other shared amenities on the property include gardens with citrus trees, a swimming pool, and a spa with a fitness center. What’s more, residents will also have access to an outdoor barbecue area and open turf spaces.
