The recently completed Orchards on 12th was acquired for $19,433,137 ($511,398/per unit) by an entity formed by The Carlyle Group and Banyan Residential. The 38-home single-family rental community is located at 1220 E. Baseline Road in Phoenix. Completed in 2022, the 8.65-acre gated community is located in Phoenix’s South Mountain Village neighborhood. Northmarq represented the seller, Scottsdale-based TruVista Holdings, LLC .

Orchards on 12^th is a luxury built, single-family rental community featuring one- and two-story homes with attached two-car garages. The three- and four-bedroom homes range in size from 1,589 to 2,235 square feet. Each of the homes has a fenced-in backyard with artificial turf.

Northmarq reports the single family build-to-rent market continues to gain momentum with developers forecast to deliver 64,000 homes that are built specifically for renters in 2022. This trend has been most pronounced in the South and West regions where populations and businesses are growing at the fastest rates.