Ironwood at Happy Valley sells for $90.3M
San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 296-unit Ironwood at Happy Valley (formerly known as Springs at Deer Valley) apartment community in Phoenix. The $90.3 million purchase marks the firm's seventh property in their current portfolio in the state of Arizona. The community will be rebranded as the Ironwood at Happy Valley apartments.
The property was marketed by Walker & Dunlop's investment sales team, led by Dan Woodward, David Potarf, Matt Barnett, and Jake Young.
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Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave in the desirable Deer Valley submarket, a 23-minute drive from Downtown Phoenix. The property is close to the $12 billion Taiwan Semiconductor Manufacturing Company manufacturing campus.
"We are excited to further expand our presence in Phoenix with the purchase of this community," said David Nelson, Hamilton Zanze's chief investment officer. "The brand-new garden-style asset features institutional-quality amenities, an ideal location in the booming Deer Valley submarket, convenient proximity to the Shoppes at Norterra and Happy Valley Towne Center, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Discover Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. This property is in a strong position due to its stable, high-income tenant base, proximity to internationally recognized job drives, and extremely competitive amenity and interior package. We believe Ironwood at Happy Valley will be an asset to the local community for years to come."
The property includes 296,518 net rentable square feet across 12 two-floor residential buildings. The units average 1,002 square feet with private balconies/patios, spacious walk-in closets, and in-unit washers and dryers. Community amenities include an outdoor barbecue area, a resort-style swimming pool, an on-site car maintenance center, a pet playground and park, a 24-hour fitness center, and attached and detached garage options.
HZ will execute a capital improvements campaign that includes building, amenity, and green improvements. Additionally, management of the property has also been transitioned to HZ affiliate Mission Rock Residential.
To learn more about Ironwood at Happy Valley, visit https://www.missionrockresidential.com/apartments/az/phoenix/ironwood-at-happy-valley/.