IDEAL Capital Group acquired Cabana Happy Valley in Phoenix AZ earlier this month for just over $79M. Photo contributed

Clovis-based IDEAL Capital Group has acquired another project in Phoenix. Last week, they announced the $79,250,000 acquisition of Cabana Happy Valley, the third in the metro since 2021.

Institutional Property Advisors Steve Gebing and Cliff David represented both the seller and IDEAL.

The new property features 292 newly constructed units with common area amenities. Cabana Happy Valley features a mix of studio, one-, and two bedroom units with in-unit washers and dryers, stainless steel appliances, and smart home technology packages. The community features a modern fitness center and clubhouse, co-working stations, a putting green, resort style swimming pool, and bike storage.

Job opportunities and local amenities also surround the property’s proximity.

It is a 10-minute walk from the $40 billion Taiwan Semiconductor Manufacturing Company fabrication plant. The development of the fabrication plant in North Phoenix represents the most significant foreign investment in Arizona’s state history and the largest direct foreign investment in the history of the United States.

It’s ranked in the top 10 companies globally by market capitalization. TSMC will employ nearly 5,000 full-time, highly compensated staff, expecting almost 80,000 direct and indirect jobs to enter the Deer Valley market over the next five years as suppliers and industry partners relocate to the area.

USAA’s regional headquarters, with over 5,500 full-time jobs, is two blocks from the property, along with outposts for American Express, Honeywell, and more.

“We believe in the long-term potential of the Phoenix market, and the addition of TSMC’s investment provides yet another reason to be confident in the future,” said Kevin Conway, Managing Director.

IDEAL plans to own and operate Cabana Happy Valley on behalf of its investors for the long term, optimizing steady, passive cash flow during the hold period.