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GILBERT, AZ-Less than a month after its completion, the 624-unit Spectrum at Val Vista has been sold to a university endowment fund. The class A asset has traded for $93.6 million.

The 26-building complex was developed in two phases through a joint venture between Fairfield Residential LLC and Simsbury, CT-based Hart Realty Advisors, acting on behalf of an institutional client. The first phase, Azul, consists of 360 units at 3134 S. Market St. and Borrego, the second phase at 3004 S. Market St., contains 264 units. The development was 25% leased at sale time.

“This was done in phases so we could sell it to different buyers. People are more interested in smaller projects,” explains William H. Holmes, senior managing partner for Hart Realty. Holmes tells GlobeSt.com that they lucked out with the buyer. “Fairfield, as our operating partner, had a prior relationship with this buyer, and that’s how this happened,” he adds. “This transaction wildly exceeded our expectations in terms of speed and the sale.”

Spectrum at Val Vista is part of a 1,470-acre master-planned development, which eventually will have 4,200 single-family, multifamily and condominium units. An outdoor shopping center, a 120-bed hospital and an elementary and high school also are part of the development.

Holmes says that while Spectrum at Val Vista was Hart Realty’s first partnership with the San Diego-based Fairfield, the success of the venture has spurred talks of similar developments. He says the two companies are looking at another possibility in the Phoenix area, but it’s too premature to discuss the land acquisition.

Situated on 30 acres, Spectrum at Val Vista contains a mix of one- and two-bedroom units averaging 1,000 sf. The rent is $1.10 per sf. Holmes says Fairfield will continue to manage the property.

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