Central Phoenix BTR Community Sells for $491,000/ Unit
BSK 340 paid $10,325,000 for the 21-unit luxury build-to-rent community located in Downtown Phoenix. The seller was Metro 21 on Roma. A Northmarq sales team including Ryan Boyle brokered the $491,667/per unit sale.
Built in 2023, the community features 21 two-story, luxury single-family rental homes with three bedrooms and two and one-half baths. There are six 1,298-square-foot units and fifteen 1,378-square-foot units. All of the homes included attached one-car garages and fenced yards with paver walkway/patios.
“Encanto Waterfront presented the unique opportunity to acquire a true detached single-family rental community in the heart of Central Phoenix. The dynamic infill location and lack of true competing product in the area made for an attractive acquisition,” explained Boyle.
According to a Northmarq report, build-to-rent units are forecast to rise 20 percent in 2022 and construction starts are on pace to spike by 25 percent. Metropolitan Phoenix is one of US markets showing the highest growth in new single-family, build-to-rent projects.