Tricon Pays $485K/Unit for 2 Phoenix-Area BTR Communities

Two Phoenix-area build-to-rent communities were sold for a combined $44.15 million. Arcadia Capital Group and Platform Ventures were the sellers, and Tricon Residential was the buyer. The blended price per unit was $485,164.

Northmarq’s Phoenix Multifamily Investment Sales team, led by Ryan Boyle, Trevor Koskovich, Jesse Hudson and Logan Baca, successfully led the collective sale of a communities totaling 91 homes.

The Bower Hudson Crossing, built in 2024, is a fully occupied, 43-home detached BTR community on 6.3 acres in the highly sought-after Chandler submarket. The gated community features three- and four-bedroom homes with modern interiors, private backyards, and two-car garages pre-wired for EV chargers.

The Bower Gateway, built in 2022, is a 48-home detached BTR community located in one of Mesa’s most sought-after submarkets. The community features three- and four-bedroom homes with contemporary designs, private yards, two-car garages, and amenities including grass courtyards and landscaped walking trails.