Porter Kyle, a multifamily developer and builder based in Scottsdale, announced its latest project transaction. The company sold the 18-unit Monarch Luxury Townhomes development for $6.5 million, which comes out to $361,111 per unit.
Porter Kyle sold the complex, which is located at 2335 E. Utopia Rd. in North Phoenix, to Scottsdale-based 701 Investments, LLC. The team of Ryan Ash and Mike Woodrick from Newmark brokered the deal between the two parties.
Porter Kyle specializes in the horizontal, build to rent space. The company exclusively builds two-story luxury townhomes with units offering two-car, direct access garages and private backyards, where possible. Porter Kyle is currently in various stages on other projects throughout the Valley, and the company hopes to expand and develop larger projects with full amenity packages, including fitness centers, resort style pools, outdoor kitchen areas as well as dog parks and playground facilities.