Blue Vista Acquires Land to Develop $102 Million Class-A, Build-to-Rent Communities Near Phoenix, Arizona

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CHICAGO, May 26, 2022--(BUSINESS WIRE)--Blue Vista Capital Management ("Blue Vista") today announced it has acquired land for two build-to-rent (BTR) development projects located outside Phoenix, AZ, in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities.

The projects will be designed to offer residents an exceptional quality rental experience with an inclusive neighborhood community feel. Upon completion, the projects will consist of over 300 homes totaling 265,028 square feet, and offer secure private gated entrances and attractive amenities, including private outdoor space, resort-style pools, clubhouses, and outdoor lounge areas with grills. Homes at each community will offer residents high-end finishes including simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and 9- to 10-foot ceilings.

"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," said 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."

David Katz, Managing Principal and Co-Head of Real Estate Equity at Blue Vista, said. "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. 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."

The project at Lichtfield Park will be located near the intersection of Dysart and Camelback roads, and will be a 153-unit community consisting of 54 one-bedroom duplex units and 99 detached two-bedroom single-family rentals totaling 137,043 square feet. The community is located within walking distance from a concentration of retail businesses and services, such as Walgreens, Starbucks, banks, grocery stores and numerous dining options.

The project at Goodyear will be located near the intersection at Sarival Avenue and Yuma Roads, and will be a 151-unit community consisting of 60 one-bedroom duplex units and 91 detached two-bedroom single-family units totaling 132,985 square feet. The community is walkable to multiple retail amenities, a grocery store and service destinations, and a short drive to local grocery and shopping centers.

ABOUT BLUE VISTA

Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $11.8 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005216/en/

Contacts

PRESS CONTACT

Carissa Felger / Alex Jeffrey
Gasthalter & Co.
(212) 257-4170
bluevista@gasthalter.com

BLUE VISTA CONTACT

Rachel Woolf
Blue Vista Capital Management LLC
(312) 477-2497
rwoolf@bluevistallc.com

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