Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn, and Ryan Boyle brokered the $35.44 million (±$492,222/per unit) sale of Cyrene at South Mountain, at 6250 S. 15th Way, Phoenix. Northmarq represented the seller, Curve Development. The buyer was Carlyle from Los Angeles.
The newly constructed Cyrene at South Mountain is a 72-home, luxury built, true single-family rental home community. Completed in 2022, the project was built by Phoenix-based Curve Development, a full-service real estate development company, and funded by JEN Partners, LLC. Cyrene at South Mountain is a low-density, single-family home rental community.
“Cyrene at South Mountain is a best-in-class asset. It is the highest quality, true single-family rental home product we’ve seen in the market thus far,” according to Boyle.
The one- and two-story homes range in size from 1,250 to 1,589 square feet and offer five floorplans with either three- or four-bedrooms. Each of the rental homes include an attached two-car garage, private, fully fenced backyard, covered front and back patios and dog doors. Built with smart home technology, the luxury interiors include wood-inspired flooring, spacious kitchens with quartz countertops, stainless steel appliances and large islands. Each unit includes a full-size washer and dryer and en-suite walk-in closet. The community amenities include a smart entry security gate, event lawn, barbecue grilling stations, seating area with fireplace, walking trails and dog park.
According to Northmarq’s Single-Family Build-to-Rent Properties Special Report (May 2022) the single family build-to-rent market continues to gain momentum with developers delivering more than 200,000 homes that were built specifically for renters since 2017. As the housing market has become less affordable, renters who would prefer a single-family home over a traditional apartment community have driven the demand single-family, build-to-rent communities throughout the U.S., but specifically in South and West regions where populations and businesses are growing.