Phoenix BTR Community Fetches Nearly $500K Per Unit
The newly constructed Cyrene at South Mountain was snapped up for $35.4 million. The 72-home single family rental community was completed this year. The unit price of the sale came out to be $492,222 per unit. The project was built by Phoenix-based Curve Development and funded by JEN Partners. Northmarq represented Curve. The buyer was Carlyle from Los Angeles.
Northmarq’s Ryan Boyle was impressed with the project, “Cyrene at South Mountain is a best-in-class asset. It is the highest quality, true single-family rental home product we’ve seen in the market thus far.” The one- and two-story homes range in size from 1,250 to 1,589 square feet. The three and four bedroom units each included an attached two-car garage, private, fully fenced backyard, covered front and back patios and dog doors.
Northmarq reports that the single family build-to-rent market continues to gain momentum with developers delivering more than 200,000 homes that were built specifically for renters since 2017.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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