Phoenix Suburb Locale for New BTR Community

CBRE has secured $32.1 million in construction financing for the development of Legacy at Laveen Village, a 172-unit Build-to-Rent (BTR) housing community located south of Southern Avenue along 35th Avenue in Laveen, Ariz.

A Bruce Francis-led CBRE Capital Markets’ Finance team secured the non-recourse, full-term, interest only, 65% loan-to-cost (LTC) construction loan on behalf of the Scottsdale based commercial real estate developer, SIM Real Estate Group.

Located in the growing Laveen submarket of Phoenix, the community will feature one-, two- and three-bedroom units across 100 duplex and single standalone homes. The community will have resort-style amenities, including an outdoor pool and spa, a clubhouse with lounge areas and a dog park.

The BTR sector has boomed in recent years across the Valley. According to CBRE Research, since 2018, developers have delivered more than 10,000 build-to-rent units in Arizona, with an additional 8,400-plus units preleased or currently under construction and another 9,000 units planned.