Berkadia today announced the sale of 15.78 net acres of land in Phoenix, Arizona. Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix completed the $5.5 million sale on behalf of the buyer, Scottsdale-based The Brown Group. The deal closed on September 1.
“Later this year, The Brown Group will break ground on a 166-unit Build-to-Rent Community, their second BTR development in the area,” said Curtis. “This development will be bringing much needed housing to the South Mountain Community.”
This community is comprised of one-, two-, and three-bedroom cottage-style homes with an average unit size of 1,057 square feet. Residents benefit from a wide range of amenities which include a clubhouse, pickleball court, dog park, pool and spa with walking paths and picnic benches throughout the community.