Turf Paradise Racetrack in North Phoenix to Close After Nearly Seven Decades
Photo courtesy of Turf Paradise
Phoenix’s iconic Turf Paradise horse racetrack, which has been in operation for close to 70 years, is preparing to shut down. Via its Facebook page on September 18, the track made the announcement of halting live racing and simulcasting beginning October 1.
Jerry Simms, the present owner who’s managed the track for 23 years, revealed his decision to retire and spend more quality time with his kin.
Additionally, Turf Paradise operates 37 off-track betting locations across Arizona, which broadcast live and simulcast races for wagering purposes. However, given the discontinuation of live races and the impending end of their contract with the Arizona Horsemen Benevolent and Protective Association on September 30, these off-track sites are also slated to cease operations on October 1.
Phoenix’s Cabana Happy Valley Apartment Complex Sold for $79.2M
Photo courtesy of Cabana Happy Valley
Greenlight Communities has sold its Cabana Happy Valley apartment complex in Phoenix to Ideal Capital Group for a deal valued at $79.2 million. The per-unit price was approximately $271,404.
Constructed in 2023 and spanning nine acres, the community houses 292 apartments. Each unit is equipped with features like eight-foot-high keyless entrances, European-inspired wood cabinetry, advanced thermostats, and standard washers and dryers. For residents, the property offers a range of amenities, including a two-story clubhouse, a modern fitness center, a comfortable lounge, shared coworking spaces, a pool, vehicle charging stations, and bike storage. Additional features comprise a mail room and sheltered parking spaces.
The sale was facilitated by Steve Gebing and Cliff David from Institutional Property Advisors, an affiliate of Marcus & Millichap. The property, favorably located in North Phoenix, is proximate to major employment zones such as Deer Valley and the Interstate 17 corridor. Notable employers like USAA, Farmers Insurance, and Wells Fargo operate in the vicinity. Additionally, residents benefit from easy access to vast retail and dining spaces at The Shops at Norterra and the Happy Valley Towne Center.
Harvard Investments Sells FirstStreet Happy Valley Rental Complex for $87.85M
Photo courtesy of Harvard Investments
Scottsdale’s Harvard Investments Inc. has finalized the sale of its FirstStreet Happy Valley rental community in north Phoenix. The 212-unit property was acquired by Omaha-based Spruce Capital Group for a sum of $87.85 million, averaging out to $414,000 per unit. The property is situated at 1717 W. Happy Valley Rd.
Though Harvard has a history of developing vast communities, it ventured into the build-to-rent sector three years back, birthing the brand FirstStreet. The Happy Valley community, set across 18 acres, was their debut in this category, finished two years prior.
The community, boasting an impressive 94% leasing rate, offers rental units with an average size of 1,904 square feet. Residents enjoy a mix of attached and detached garages, and a select set of units even provide soundproofed garage-top residences.
Among the community’s features are a dog-friendly park and wash zone, a luxurious pool, a spa, a state-of-the-art fitness center, and a clubhouse. Its location offers the added advantage of being a short stroll away from the Shops at Norterra.