DSI Transactions

September 21, 2018 Fairways at Cave Creek – $15,100,000 JV Equity Investment

Fairways at Cave Creek is a 376-unit property in Phoenix, Arizona.

DSI's Investment of $15,100,000 funded in May 2018.

 
 

Highlights:

  • Superior Location: Strategically situated in the middle of the Deer Valley/I‐17 employment corridor (±157,000 jobs), proximate to large and stable demand drivers. The community has a highly visible location with frontage on Thunderbird Road (weekday traffic count ±33,000) and provides residents immediate access to I‐17.
  • Effective rent in the Deer Valley submarket grew 4.8% from 2016 to 2017. Phoenix’s total employment has grown 1.8% (U.S. national average growth of 1.6%) which equates to 37,600 jobs added in 2017.
  • There are no communities under construction or planned within three miles of Fairways at Cave Creek. The community has an infill location with minimal sites for future development and surrounding mountain preserve areas serve as natural barriers‐to‐entry.