Sunroad Sells 15 Multifamily Properties to Fairfield for $1.1 Billion; Buyer and Seller Partner on Portfolio Improvements
Pictured above: Nines at Kierland, Scottsdale, AZ
Sunroad Enterprises sold a 3,830-unit, 15-property multifamily portfolio to Fairfield Residential for $1.1 billion. The former and current owners have partnered to develop and implement improvement strategies for the assets, which are located in six states.
“All of the assets in the portfolio have business plans that Sunroad and Fairfield crafted together and plan to implement,” Richard Boynton, Fairfield Chairman and CEO, told ApartmentBuildings.com.
He said that Sunroad’s previous upgrades included renovations to the interior and common areas. “The plans call for additional improvements over the coming years,” Boynton added. “The properties will remain with third-party management.”
Sunroad is an active multifamily owner/operator in the value-add multifamily space. The seller’s portfolio is located primarily in the southwest and southeast markets. With this recent transaction, “Sunroad utilized the recap structure in this sale to generate liquidity, while continuing to participate in the assets’ success in the coming years,” Boynton explained. He added that the seller plans to strategically reinvest in the multifamily market over the next 12 to 24 months.
JLL brokered the transaction between buyer and seller, with closings taking place from July 2025 to September 2025. According to Boynton, JLL was awarded the portfolio in Q1 2025 following a three-month solicitation process.
The portfolio was assembled over six years and consists of six Class A “core” assets and nine value-add properties. The collection was offered only to groups with the capital and resources to acquire and improve the properties. While the number of potential buyers was limited, Boynton said the process was competitive, with multiple bidders.
According to a press release describing the transaction, Fairfield was attracted to the assets’ quality and locations in high-growth markets. Furthermore, the transaction fits with Fairfield’s recapitalization opportunities across various investment vehicles.
Fairfield was selected as the buyer because of its robust financial backing. “Sunroad was focused on alternative exit strategies, which enabled liquidity to be created while not divesting the assets,” said Dan Feldman, President of Sunroad Asset Management, in the release.
Boynton added that Fairfield provided “the alignment on a go-forward business plan that remains to be implemented.”
JLL also arranged $415 million in financing for ten assets with Freddie Mac; JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender, will service the loan. An additional $250 million to finance the other five assets was secured from KKR-managed accounts.
JLL Capital Market’s advisory team was led by Senior Managing Directors Aldon Cole, Roberto Casas and Tim Wright and Vice President Bharat Madan. JLL Managing Director Mark Wintner handled the Colton Apartments in Henderson, NV.
The collection has a mix of 65% garden-style apartments and 35% mid-rise communities.
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Essex Property Trust, Inc.
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