The Reserve at Westpark II

In 2019 Atlantic Development & Investments Inc. and affiliates purchased 116 acres in Buckeye, Arizona. The property is located in the Westpark Masterplan subdivision. The subject property was an approved subdivision consisting of 440 homes.

Construction is complete for the first phase of 116 homes. Construction on the roads and homes for Phase II, consisting of 146 single family homes, will commence in the Fall of 2021 with an estimated completion date in July 2023.

Project Location

The subdivision is located in the City of Buckeye, the second fastest growing city in the Unites States based on 2010 Census data and July 1, 2019, growing 56.6% in that period. Since 2000, Buckeye’s population has grown from a mere 6,537 to the thriving community of almost 100,000 residents today. Buckeye continues to be one of the fastest growing cities in the country.

The subdivision is located in a Federally Designated Opportunity Zone to be developed and owned by Westpark OZ Ventures II LLC utilizing the Qualified Opportunity Zone incentives created by the 2017 Tax Cuts and Jobs Act.

Located in close proximity to Interstate 10 and Route 85, the subdivision location is approximately 33 miles from Downtown Phoenix. Not only is Buckeye enjoying rapid growth in population, the city is also establishing itself as an advanced manufacturing (Cardinal Glass, Parker Fasteners, CanAm Steel, and Clayton Homes), healthcare (Banner Health), aviation (Buckeye Municipal Airport, a Foreign Trade Zone), energy (Palo Verde Nuclear Generating Station), agricultural technology and distribution & logistics (Five Below) center hub. Every major homebuilder in the country has a presence in Buckeye, with +2,500 homes under construction currently (Richmond American Homes, Lennar Homes, Toll Brothers, DR Horton, Shea Homes, Pulte Homes).

The homes at The Reserve at Westpark Phase II – Characteristics

Phase 1 is complete with 116 single family homes for rent on individually platted lots. The 3 different floor plans consist of 3 and 4 bedrooms, 2 bath homes.

Phase 2 of the complex will consist of 146 builds for rent single family homes on individually platted lots. The units types consist of four floor plans and three elevations for each. The unit types are as follows:

UnitsSq/FtCount$ RentRent per sq.ft.
3 Bed1700582000$1.18
4 Bed1850362100$1.14
4 Bed2000302200$1.10
4 Bed2200222300$1.05
Total146

 

The home rents on a square foot basis are approximately 40 cents below the market for similar product. There is an exceptionally strong demand for people seeking to rent single family homes in the greater Phoenix marketplace and in Buckeye. This is the result of the Covid pandemic facilitating a greater work from home industry and social distancing away from higher density multi-family complexes.

The Reserve at Westpark is different from most single-family rental communities in that the single-family homes are platted individually and located on lots generally 58 feet wide (frontage) by 120 feet deep for a predominant individual lot size of 6,960 square feet. Also, The Reserve at Westpark Phase II single family homes consist of 3 and 4-bedroom unit types with all homes having an attached 3 car garage. No competitor in Buckeye or the Greater Phoenix area have these unit types available on the rental market. Every unit on Phase I of the development was rented on or before the project was placed in service, thus there was no lag in lease-up time or need to create rental incentives/ concessions, in order to lease up the complex. Phase II differs from Phase I in that the units are approximately 200-250 sq/ft larger than Phase I, and all have 3 car garages versus Phase I’s 2 car garage configuration. As a result of this configuration and project timeline (first rentals commencing July 2022) we are projecting rental rates approximately $100 greater than Phase I.

https://www.reservewestpark.com/

The Reserve at Westpark Gallery