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.
Other News
Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion
Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...
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MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage
The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...
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Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla
Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout