Curve Development, an entity funded by New York-based private equity firm JEN Partners, has sold Cyrene at Estrella, a 64-unit single-family rental community in Goodyear, Ariz. The asset traded for $25.6 million or $400,000 per unit. Sun Life Assurance Co. of Canada purchased the recently build asset, according to public records.
This is the developer’s second sale in the Phoenix market. A year ago, Curve received $35.4 million for a 72-unit SFR property located some 25 miles east of Cyrene at Estrella. Currently, the company owns three more such properties, and has five others under construction.
Modern home design
Completed in 2022, Cyrene at Estrella comprises three- and four-bedroom floorplans ranging from 1,250 to 1,589 square feet. Homes feature in-unit washers and dryers, smart technology, attached two-car garages, walk-in closets and built-in dog doors. Common-area amenities include a dog park, barbecue area and a playground.
Located at 15430 W. Baden St., the 7.7-acre property is off Interstate 10 and roughly 21 miles from Phoenix. The community is also some 4 miles from the Phoenix-Goodyear Airport. Cyrene at Estrella is adjacent to the Canyon Trails Professional Center and various retail and dining options, and close to the Market at Estrella Falls business center.
Multifamily investment activity in metro Phoenix has been slowing down, with only 38 properties changing hands in the first three quarters of the year, for a total volume of $2.4 billion, according to Yardi Matrix data. Last year through September, 166 assets traded for a combined $9.9 billion. The latest Phoenix Yardi Matrix report shows that the single-family rental market has also cooled off with rents registering a 2.5 percent decline year-over-year as of July and occupancy dropping by 1.1 percent, the same source shows.
