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11 Acres Snagged for Townhomes
BB Living Residential LLC acquired 11.3 acres in Mesa, AZ for $2.2 million in a cash deal. The land at Ellsworth and Ray Roads and Inspirian Parkway was sold by DMB Associates. BB Living’s construction affiliate, Higley Homes, will be developing BB Living at Eastmark.
The plan is to build four-plex and six-plex townhome residences, ranging from 1,608 to 2,172 square feet. Monthly rentals are anticipated to run from $1,500 to $1,800. Renters are expected to begin occupying the 132-unit development by the end of 2017.
BB Living has been doing well in the build-to-rent development area; it developed and owns assets throughout the Phoenix metro. The projects tend to run at 100% occupancy.
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