Single-Family Build to Rent Product is Gaining Momentum
A 141-unit low density single-family and build-for-rent community located at 27441 N. Black Canyon Highway in Phoenix recently sold for $42 million. The Bungalows on Jomax, which California-based Logan Capital Advisors (LCA) is rebranding as The Logan at Jomax, is a garden-style multifamily property.
Berkadia’s Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia’s Phoenix office completed the sale on behalf of the seller, Arizona-based Bungalows on Jomax LLC. Managing director Jeff Stuart of Berkadia’s Seattle office secured $25.2 million in permanent acquisition financing for the property on behalf of borrower, LCA.
The property is situated adjacent to Interstate 17 on the doorstep to USAA’s Phoenix campus, close to more than 30,000 jobs plus the services in and around Deer Valley Airpark, and not far from the Interstate 17 intersections of Loop 101 and Loop 303.
“The Bungalows on Jomax is strategically positioned to offer a high-quality lifestyle to residents seeking the attributes of a single-family home but without the inflexibility and burden of home ownership,” said Forrester.
The single-family build-to-rent product is a category that appeals to a wide spectrum of renters, says Paul Runkle, LCA partner and director of acquisitions.
“From professionals looking for added privacy to young families delaying home purchases to mature renters who are downsizing, they all appreciate the single-level floor plans and residential community feel. The Bungalows on Jomax is the best located and designed community of this type that we have seen in Phoenix,” notes Runkle.