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195-Unit Apache Junction BTR Community Sells for $56.5M
Hampton Meridian, a 195-unit, single-family rental community in Apache Junction, Ariz., has changed hands for $56.5 million. Commercial Edge reports Paragon Development Group sold it to a private individual, who financed the purchase with a $35 million loan.
Paragon paid $3.1 million for the nearly 16-acre development site in 2021 and Sunwest Bank originated a $25.6 million construction loan that same year. The community debuted in 2023. Hampton Meridian followed Hampton East, another build-to-rent community developed by Paragon. The firm sold the 143-unit property in Mesa, Ariz., for $38 million in 2021.
At 3000 W. Southern Ave., Hampton Meridian homes ranging from 645 to 1,295 square feet. Units feature private backyards. Community amenities comprise a swimming pool, spa and gym, as well as cabanas, among others.
IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
Hampton Meridian followed Hampton East, another build-to-rent community developed by Paragon. The firm sold the 143-unit property in Mesa, Ariz., for $38 million in 2021.
