SCOTTSDALE, ARIZONA (July 18, 2024) – Harvard Investments closed on land sales to a homebuilder and multifamily developer who plan to construct single-family residences and build-to-rent units, respectively, in the growing, unincorporated community of San Tan Valley, Arizona. The two sales fetched $15.4 million.
Harvard Investments, a real estate investment and development company, sold 133 guaranteed finished lots on 35.3 acres to Los Angeles-based KB Home for $7.1 million at the NWC of North Gantzel and East Bella Vista roads in the Bella Camino development. The 133 single-home sites are expected to be 45 feet by 115 feet.
According to KB Home, Bella Camino intends to offer great amenities including a park with picnic tables, a grilling station, and a children's playground. It will offer three- to four-bedroom homes ranging from 1,400 SF to 2,500 SF.
In the second sale, Harvard Investments sold a 21.8-acre parcel to Phoenix-based NexMetro Communities for $8.3 million, also at the NWC of North Gantzel and East Bella Vista roads. The site is zoned for 284 build-to-rent units on the vacant, entitled land located in Pinal County.
NexMetro plans to develop Avila Bella Camino in San Tan Valley. Avila Homes neighborhoods feature single-story, detached homes with open floor plans, 10-foot ceilings, high-end finishings, and private backyards and front porches.
"These two transactions represent Harvard Investments' sell out of the Bella Camino community," said Amy Weidman, Vice President of Development for Harvard Communities. "It's exciting to see the residential parcels sell amid previous land sales for a charter school, church, and retail center. KB Home and NexMetro Communities are in a position to bring much-needed housing to this bustling region of Pinal County. Harvard looks forward to finding new opportunities to develop communities in the bustling San Tan Valley."
Nate Nathan and Courtney Buck, with Scottsdale-based Nathan & Associates Inc., facilitated the deals on behalf of Harvard Investments and the two buyers.