Property: Aviva – Goodyear
Developers: Housing Trust Group, Treger Partners
Architect: Eric Miller Architects
Location: Goodyear, Arizona
Cost: $71 million
Miami-based developer Housing Trust Group, in partnership with Scottsdale, Arizona-based multifamily owner and developer Treger Partners, has opened its second Aviva-branded multifamily property, Aviva – Goodyear, located in the Phoenix suburb of Goodyear, Arizona.
The $71 million development broke ground in September 2020, and its 288 units were 78% leased as of its completion in early January. The building incorporates designer finishes, private and common areas to accommodate remote work, health and wellness amenities and design details that reflect the local area, according to Matthew A. Rieger, president and CEO of HTG. Scottsdale, Arizona-based Mark-Taylor Residential is the property’s manager.
The units range from one to three bedrooms in size. Each one features quartz and granite countertops, stainless steel appliances, walk-in closets, wide-plank flooring, smart home automation features and private patios.
The 10,000-square-foot clubhouse contains a media and game room, a custom billiard table and coworking spaces with a private conference room. Other amenities include two swimming pools, two spas, an outdoor lounge area, a 24/7 fitness center, a playground, a basketball and a pickleball court, a dog spa and a 140-foot-long dog park. A private exit leads next door to Falcon Park, a 20-acre public park.
Aviva – Goodyear is National Green Building Standard-certified, with sustainable features including dual-glazed high-efficiency windows, insulated doors and Energy Star-rated appliances. Forty-three covered garages and six electric car charging stations are available for resident use.
The first Aviva development is also located in the Phoenix metro. Aviva – Mesa, a 325-unit property built in Mesa, Arizona, in 2018, was a finalist in the National Association of Home Builders’s Pillar Awards, according to the release.
The Phoenix area has outperformed in year-over-year rent growth since 2015, with especially rapid growth between May 2021 and February 2022, according to RealPage. However, it has decelerated just as quickly in recent months, down from nearly 25% YOY in January 2022 to 0.7% YOY in November 2022. Occupancy has also weakened, down to 93.4% in November 2022, well below the national average and the lowest level since 2014.
RealPage attributes this contraction to weakening demand, which is expected to continue as multifamily supply rises, with 26,000 new units expected to come online in the market in 2023.