Pintar Investment Company and Suncrest Real Estate & Land recently acquired an 8.68-acre Opportunity Zone parcel in Phoenix. The partnership identified the land parcel opportunity for a 109-unit build-to-rent community called Zora Encanto as an investment within the PICOZ Fund I L.P. This is the fourth asset in this investment vehicle.

“We have been actively looking to invest in the Phoenix metro as the region’s rapid business expansion, population and job growth continue to outpace the national averages, all of which bode well for single-family rental homes. This is our first asset in Phoenix and it is a market we plan to invest in further,” says Jeff Pintar, Pintar Investment Company founder and CEO.

Zora Encanto is a gated rental community made up of one- and two-bedroom units, each with individual private walk-up entrances and back yards. This type of housing option is high in demand because it combines the privacy of residential single-family living with apartment-like amenities and rental terms, according to Eric Matheis, who is overseeing the project and joint venture for Pintar.

“This housing option has become popular over the last several years, but demand has increased further since the outbreak of COVID-19 where more people are working from home and wanting more space than a traditional apartment offers,” says Matheis.

The Zora Encanto community will break ground in May 2021 and is located on the Northeast corner of Encanto Boulevard and 83rd Avenue. Construction is estimated to be complete by mid-2022 with move-ins targeted around that same time.