TerraLane at Canyon Trails in Goodyear.
Northmarq sells 2 build-to-rent communities for $185.89M
Northmarq’s Phoenix-based investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle, brokered the $119,734,000 sale of TerraLane at Canyon Trails in Goodyear, Arizona and the $66,156,000 sale of TerraLane at South Mountain in Phoenix, Arizona. The properties were part of a three-property portfolio listing, on behalf of the seller, RSI Holding, LLC from Newport Beach, California. Inland Real Estate Acquisitions of Oak Brook, Illinois was the buyer of the two communities.
“Single-family rental communities are in high demand with investors as they continue to outperform conventional multifamily with higher occupancy rates and rents and lower capital and operating costs,” explained Koskovich. “Single-family, build-to-rent communities attract longer-term renters who tend to stay put, even with increases in rent, and they typically take better care of their units. That results in fewer turnover costs and maintenance costs for landlords.”
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Built in 2021, TerraLane at Canyon Trails is a 263-home, luxury-built, build-to-rent community located on 19.46-acres at 195 N. 173rd Avenue in Goodyear. One of the more affluent cities in the Southwest Valley of Metro Phoenix, Goodyear has average household incomes of $85,000, nearly 30 percent higher than median household incomes in the metro area.
Every rental unit includes a Smart Home Technology package that provides fiber optic 1Gb internet active at move-in, Wifi routers pre-installed in each home, facial recognition guest entry, self-monitored security system and a Smart Home app for home control anytime, anywhere.
TerraLane at South Mountain is a 148-unit, luxury-built, build-to-rent community located at 8448 S. 59th Avenue in Phoenix. The South Mountain neighborhood, home to more than 131,000 residents, benefits from its central location, less than seven miles from downtown Phoenix and under 10 miles from Tempe. The recently completed Loop 202 have added to the areas accessibility and made it a prime location for the growing Valley population.
Built in 2021, the community includes the same Smart Home Technology package, as well as gourmet, modern kitchens with granite countertops and stainless steel appliances, marble tile showers, in-home washer and dryer, fiberglass entry door, built-in dog door with access to private backyard with artificial turf. The gated community includes a heated pool and jacuzzi, fire pit with seating area, outdoor ramada with television, barbecue grilling stations, walking trails and parks.
“With over 116,000 jobs added in 2021 and forecasts for continued job and population growth in metro Phoenix in 2022, we know that there is a demand for high-quality, build-to-rent single-family housing in our market,” said Koskovich.