Phoenix & Southwest + New Mexico + Apartments | March 31, 2021

Build-to-Rent Acquisition Sets a Benchmark in that Product Space

The recent sale of Village Greens of Queen Creek establishes a new benchmark in the build-to-rent (BTR) product space in Arizona. It sold for $15.25 million to Rincon Partners. The 50-unit BTR multifamily property featuring one-, two- and three-bedroom residences is located at 21565 East Village Loop Rd. in Queen Creek, AZ.

NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle brokered the sale. NorthMarq represented both the buyer and the seller, TruVista Development.

“Village Greens of Queen Creek is NorthMarq’s sixth BTR sale with another 234 BTR units in escrow and 508 BTR units currently on the market,” said Koskovich. “The unique product type is fueling investors across multiple markets looking to enter the space.”

This is the buyer’s first BTR acquisition.

“Rincon believes in the future of the build-to-rent apartment strategy and the growth prospects of the Queen Creek market,” said Keaton Spencer, Rincon’s director of acquisitions.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.