Proximity on 16^th Apartments in Phoenix sold for $354,118 a unit. Northmarq represented the seller, Scottsdale-based Avenue North. The buyer was Bridge Founders Group, LLC from Sandy, Utah. Northmarq’s Trevor Koskovich says build-to-rent communities are receiving a premium in the market, “Single-family rental communities continue to outperform conventional multifamily properties with higher occupancy rates and rents and lower capital and operating costs for investors.”

Built in 2021, the development has 60 one-story and 25 two-story units in the guard-gated community that surround a community pool and BBQ area, with patios with private backyards. The community also includes garages and covered parking spaces and electric vehicle charging stations. Proximity on 16^th was 95 percent leased at the time of sale.

Besides Koskovich, Northmarq’s Phoenix Investment Sales team included Jesse Hudson, Bill Hahn, and Ryan Boyle. Northmarq says the Phoenix area was one of the first markets to truly adopt the single-family build-to-rent model and has some of the most significant price increases with year-over-year at 25 percent.