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Phoenix & Southwest  + New Mexico  + Finance  | 

Surprise: Another Month, Another SFR Development

Tower Capital recently arranged a programmatic joint venture with an institutional private equity firm, which resulted in $50 million in financing for three separate single-family rental developments. The financing will be coupled with 60 percent LTC construction debt from an existing sponsor relationship for the first 114-unit townhome community on a 5.4-acre site in Surprise.

“These projects are at the forefront of the new and rapidly growing single-family build-to-rent asset class. The property type is uniquely positioned between multifamily and single family to provide a lifestyle for people who desire the privacy and independence offered by single-family living (with) the flexibility and amenities of multifamily living,” says Kyle McDonough, Tower Capital co-founder. “The asset class also appeals to households who are looking to downsize in space from larger single-family homes or upsize from a more dense apartment.”

Construction on the site at W. Bell and N. Litchfield roads is anticipated to commence this month and the project is expected to be completed in 18 months. The two- and three-bedroom homes will feature open concept designs.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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