Harvard Investments

What Harvard Investments does

Harvard Investments, Inc. is a privately held real estate investment and development firm headquartered in Scottsdale, Arizona, operating as the U.S. development arm of The Hill Companies (founded 1903, Canada's oldest land development company). The company develops and manages a diversified portfolio across six asset classes — master-planned residential communities, single-family build-to-rent rental communities under the FirstStreet brand, custom home and second-home communities, investment properties, Class A office, and distribution/warehouse/manufacturing — across five Southwestern states (Arizona, Texas, New Mexico, Nevada, Colorado). Its largest asset is the 20,000-acre Estrella master-planned community in Goodyear, Arizona, developed under a joint venture with Toll Brothers and Värde Partners, plus additional communities including Cadence at Gateway, Mariposa, Gregg Ranch, The Lakes at Rancho El Dorado, and Verde Trails.

The business model centers on acquiring raw or partially entitled land, performing horizontal development (infrastructure, utilities, amenities), and monetizing through three primary channels: (1) one-time finished-lot sales to national homebuilders such as Lennar, Pulte, DR Horton, Toll Brothers, Meritage, and David Weekley; (2) recurring rental income from FirstStreet build-to-rent communities, with select stabilized communities being sold to institutional buyers (e.g., the $87.85M FirstStreet Happy Valley disposition to Spruce Capital Group); and (3) commercial and industrial property sales and leases, including commercial pads at master-planned communities and the multi-million-square-foot Goodyear AirPark industrial development. The firm is also a wholly-owned subsidiary holding Harvard Integrations, a Tea, South Dakota-based manufacturer of custom power-industry enclosures with 115 employees.

Harvard generates revenue through development and asset management, supported by an institutional capital structure (parent company plus Värde Partners and Toll Brothers JV capital), a leadership team with deep tenure (including a 30-year SVP), and direct sales relationships with virtually every major U.S. public homebuilder. Recent activity has emphasized the build-to-rent segment, expansion of the industrial portfolio, and continued land-bank accumulation in Phoenix-area growth corridors, with a refreshed C-suite (new CFO August 2023, new President November 2023) overseeing the next phase of project delivery.

Name

Harvard Investments

Legal name

Harvard Investments, Inc.

Website

https://harvardinvestments.com

Company type

Private

Founded year

1903

Operating status

Operating

Headcount range

11–50 employees

Short description

Harvard Investments is a privately held Scottsdale, Arizona-based real estate developer and the U.S. arm of The Hill Companies, developing master-planned residential communities, FirstStreet build-to-rent rentals, Class A office, and industrial properties across five Southwestern states for homebuilders, institutional investors, and end users.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Rental and Leasing Services (532), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Real Estate Investment Sales (Income-Producing Properties) (FSAEAJAC)

akta.pro secondary industry

Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)

Keywords

• Master-planned community development
• Build-to-rent communities
• Residential lot sales
• Commercial real estate development
• Land entitlement services

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Land Development and Lot Sales: Harvard Investments acquires undeveloped land, conducts horizontal development (infrastructure, utilities, amenities), and sells finished lots to national homebuilders. Revenue is generated through parcel sales to builders like Meritage Homes, Lennar, Pulte, DR Horton, Toll Brothers, and others.
2. FirstStreet Rental Communities: Build-to-rent (BTR) single-family rental communities operated under the FirstStreet brand. Harvard develops the communities and rents individual homes to residents, generating recurring rental income.
3. Commercial Property Sales: Sale of commercial pads and retail space within master-planned communities to developers and tenants (e.g., Thompson Thrift Retail Group commercial pads at Cadence).
4. Joint Venture Development: Partnership with Toll Brothers and Värde Partners for acquisition and continued development of Estrella master-planned community, generating returns through land development and lot sales within the JV.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Harvard Investments is a real estate investment and development company that acquires raw land, conducts horizontal development (infrastructure, utilities, amenities, entitlement), and sells finished residential lots to national homebuilders. The company also develops and operates single-family build-to-rent rental communities under the FirstStreet brand, Class A office space, and distribution/warehouse/manufacturing industrial properties across five Southwestern U.S. states.

Product overview

Harvard Investments is a real estate investment and development company that operates as the United States development arm of The Hill Companies. The company offers a diversified portfolio of six asset classes: Master Planned Residential Communities (featuring amenities, parks, trails, and residential neighborhoods), FirstStreet Rental Communities (single-family build-to-rent communities with resort-style amenities), Custom Home and Second Home Communities (luxury residential developments), Investment Properties (various residential developments), Class A Office (commercial office properties), and Distribution/Warehouse/Manufacturing (industrial logistics properties). The portfolio spans five Southwestern states. Additionally, Harvard Integrations is a subsidiary that manufactures custom enclosures for the power industry, including power distribution centers and operator stations. The company is headquartered in Scottsdale, Arizona.

Differentiator

Problem solved

Functional benefit

Brands

• FirstStreet: Single-family build-to-rent community brand offering modern rental living in the Southwest, featuring resort-style amenities and single-family detached homes.
• Estrella
• Cadence at Gateway
• Gregg Ranch
• Mariposa

Products and services

• Master Planned Residential Communities Large-scale planned residential communities offering single-family homes within comprehensive amenitized settings including parks, trails, lakes, clubhouses, and recreational facilities. Delivered through horizontal development and finished lots sold to national homebuilders (Lennar, Pulte, DR Horton, Toll Brothers, Meritage, Richmond American, Gehan, David Weekley). Home prices range from the high $200,000s for entry-level to luxury.
• FirstStreet Rental Communities Single-family build-to-rent (BTR) communities developed and operated by Harvard Investments, offering resort-style rental living with detached single-family homes and amenities including fitness centers, pools, dog parks, clubhouses, hot tubs, and community spaces. Properties include FirstStreet Ballpark Village (Goodyear, AZ), FirstStreet at Happy Valley (Phoenix, AZ), FirstStreet Skyline (Buckeye, AZ), Quarter North (North Las Vegas, NV), and FirstStreet Georgetown (Georgetown, TX, in planning). Direct-to-tenant rental leasing with pre-leasing beginning before construction completion.
• Custom Home and Second Home Communities Luxury residential communities targeting custom home buyers and second home buyers. Includes Back o' Beyond (Sedona, AZ), Courtyard (Austin, TX), La Barranca (Oak Creek, AZ), Long Canyon (Austin, TX), Ocotillo Ridge (Carefree, AZ), Pine Canyon (Blue Ridge, AZ), Talking Rock Ranch (Prescott, AZ), The Homestead (Camp Verde, AZ), and The Island at Mt. Bonnell Shores (Austin, TX).
• Investment Properties Investment property assets including residential developments at various stages. Properties include Bella Vista Farms (San Tan Valley, AZ), Crystal Vista (Buckeye, AZ), Encantada Estates (Buckeye, AZ), Legends (Casa Grande, AZ), Milagro (San Tan Valley, AZ), Post Ranch & Storey Farms (Casa Grande, AZ), Quail Run (San Tan Valley, AZ), Rainbow Valley Ranch (Goodyear, AZ), Rancho Bella Vista (San Tan Valley, AZ), Rancho Mirage (Maricopa, AZ), Third Creek (Commerce City, CO), Trailside Point (Phoenix, AZ), Vienna Hills & Villages (North Las Vegas, NV), and West Wind North (Buckeye, AZ).
• Class A Office Class A office developments including Harvard Corporate Office (Scottsdale, AZ), Union at Riverview (Mesa, AZ), and Waypoint (Mesa, AZ), with the Waypoint complex totaling 1.35 million square feet across four buildings. Developed in partnership with Lincoln Property Company. Tenants include American Traffic Solutions (600-employee corporate headquarters at Waypoint).
• Distribution, Warehouse and Manufacturing Industrial and logistics properties including Goodyear AirPark (Goodyear, AZ) — a planned 7-million-square-foot industrial development on 565 acres, with Phase I delivering 1.6 million SF of Class A industrial space, Freeport Centre (San Antonio, TX), Round Rock Industrial Park (Round Rock, TX), and Washington Square (Phoenix, AZ). Developed in partnership with Lincoln Property Company.
• Harvard Integrations Custom Enclosures Privately-owned manufacturer and marketer of custom enclosures and accessories serving the power industry. Products include power distribution centers, operator stations, skids, generator enclosures, sub-base fuel tanks, and trailers. Based in Tea, South Dakota; employs 115 people. Operated as a subsidiary within The Hill Companies portfolio adjacent to Harvard Investments.

Quantifiable outcome

• Estrella ranked No. 5 and Cadence at Gateway ranked No. 9 in 2024 Ranking Arizona Top 10 Master-Planned Communities
• +4 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Toll BrotherscoreStrategic or Co-development Partner · 25 October 2021Joint venture partnership with Toll Brothers and Värde Partners to acquire the remaining undeveloped land in Estrella master-planned community. Acquisition included more than 18,000 acres of entitled land, representing one of the largest active master-planned community purchases in Arizona history.
• Thompson Thrift Retail GroupminorChannel Partner/ Reseller/ Distributor · 17 June 2021Purchased two commercial pads within Cadence Arrival commercial center, planning to build multi-tenant shop buildings with tenants including Point 22 Tavern, Cork Crush Wine Bar, NextCare Urgent Care, Athletico Physical Therapy, BoSa Donuts and Nail Spa.
• Brookfield CommunitiesminorStrategic or Co-development Partner · 1 October 2020Joint venture partnership formed in 2015 with Phoenix-based Brookfield Communities, an Arizona home builder, land holder and master-planned developer.
• The True Life CompaniesminorStrategic or Co-development Partner · 8 October 2013Partnership as co-developers of Talking Rock, a 3,400-acre private golf course community located 14 miles outside Prescott, Arizona.
• Lincoln Property CompanycoreStrategic or Co-development PartnerLong-term partnership for development of multiple Class A office projects including Union Building One (1.35M SF) and Waypoint complex in Mesa, and Goodyear AirPark industrial development (7M SF on 565 acres).
• BB LivingminorImplementation/ SI/ Consulting PartnerGeneral contractor selected for FirstStreet Skyline build-to-rent community construction in Buckeye, Arizona.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Forestar Group: Pure-play lot developer majority-owned by D.R. Horton that acquires raw land, completes horizontal development, and sells finished lots to national homebuilders - essentially identical GTM to Harvard Communities' lot-sales motion.
• The Howard Hughes Corporation: Publicly traded master-planned community developer (Summerlin, Bridgeland, The Woodlands) with an identical playbook of acquiring raw land, building horizontal infrastructure, and monetizing via lot/home/land sales plus adjacent commercial. Same core business model as Harvard.
• Shea Homes: Privately held Southwest-focused homebuilder and land developer with master-planned community operations in Arizona, California, and Nevada. Directly comparable vertically integrated developer-operator model with similar geography and product mix.
• Brookfield Residential Properties: Publicly traded master-planned community developer operating across the U.S. Sunbelt and Canada. Develops entitled land and sells lots and homes in similar Southwest and Sunbelt markets, overlapping directly with Harvard's MPC and lot-sale model.
• Invitation Homes: Publicly traded single-family rental REIT operating ~80,000 SFR homes nationally. Comparable to Harvard's FirstStreet build-to-rent platform on the operations, leasing, and institutional disposition side of the BTR model.
• American Homes 4 Rent: Publicly traded single-family rental REIT with ~60,000 homes, including newly built and lease-up properties. Directly comparable to FirstStreet for the rental operations side of Harvard's BTR community business.

Broad incumbents

• PulteGroup: Publicly traded national homebuilder with a significant Phoenix, Albuquerque and Texas operating footprint. Pulte is both a recurring customer at Cadence, Gregg Ranch, and Mariposa and a competitor for finished lots and raw land.
• Toll Brothers: Publicly traded luxury homebuilder and Harvard's JV partner at Estrella. Operates an internal land acquisition and development arm and competes for the same entitled Southwest land Harvard develops, while also being a customer builder.
• D.R. Horton: Largest U.S. homebuilder and homebuilder customer at multiple Harvard MPCs. Through ownership of Forestar, D.R. Horton is also an integrated land-developer competitor pursuing similar MPC strategies nationwide.
• Lennar Corporation: Publicly traded national homebuilder with LENX land banking arm and significant MPC lot acquisitions across the Southwest. Both Harvard's biggest customer and an integrated competitor for entitled raw land.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/harvard-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Harvard Investments