Suncrest has built 24 master-planned communities, but to date, none have been build-to-rent (BTR) projects. Phoenix is considered ground zero in the BTR sector and the company is getting on board. Suncrest has created the Zora Living Brand for its rental home communities. The company says they may have two more on the way.
The Phoenix Business Journal says their first one will be named Zora Encanto. The $33 million development will include 109 single family rental homes with amenities such as a pool, a cabana and a fitness center. Some will have backyards as large as 1,500 square feet with turf.
The Zora Encanto community is in pre-leasing, with monthly rents averaging $1,950 for one- and two-bedroom homes.
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.