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Goodyear BTR Community Sells for $400K/Unit
As affiliate of JEN Partners has sold a 64-unit build-to-rent community in Goodyear. Curve Development sold Cyrene at Estrella for $25.6 million, $400,000 per unit.
Sun Life Assurance Co. of Canada was the buyer.
Multihousingnew.com reports this is the developer’s second sale in the Phoenix market. A year ago, Curve received $35.4 million for a 72-unit SFR property located some 25 miles east of Cyrene at Estrella. Currently, the company owns three more such properties and has five others under construction.
Completed in 2022, Cyrene at Estrella comprises three- and four-bedroom floorplans ranging from 1,250 to 1,589 square feet. Common-area amenities include a dog park, barbecue area and a playground.
The latest Phoenix Yardi Matrix report shows that the single-family rental market has cooled off, with rents registering a 2.5 percent decline year-over-year as of July and occupancy dropping by 1.1 percent, the same source shows.
- ◦Sale/Acquisition
