NorthMarq’s Phoenix office sells another build-to-rent community for record pricing
The multifamily property contains 50-units and is located in Queen Creek, Arizona
PHOENIX, ARIZONA (March 24, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale of Village Greens of Queen Creek for $15,250,000. The 50-unit build-to-rent multifamily property, featuring one-, two- and three-bedroom residences, is located at 21565 East Village Loop Road in Queen Creek, Arizona. NorthMarq represented both the buyer, Rincon Partners, and the seller, TruVista Development.
“Village Greens of Queen Creek is NorthMarq’s sixth build-to-rent (BTR) sale with another 234 BTR units in escrow and 508 BTR units currently on the market,” said Koskovich, president of NorthMarq Investment Sales. “The unique product type is fueling investors across multiple markets looking to enter the space.”
This is the buyer’s first BTR acquisition. “Rincon Partners is very excited to add the Village Greens of Queen Creek apartment community to its portfolio,” said Keaton Spencer, Director of Acquisitions. “Rincon believes in the future of the build-to-rent apartment strategy and the growth prospects of the Queen Creek market.”
The sale of the Queen Creek project not only establishes a new benchmark in the BTR product space in Arizona but marks the first of many projects in the pipeline for TruVista. JD Levy noted, "We feel uniquely positioned in the valley with strong land positions and a great product line, all while utilizing our experience as a general contractor and developer."
The property benefits from close proximity to Mesa, Gilbert and Chandler. Residents can easily access the Queen Creek Marketplace Mall, San Tan Mountain Regional Park and the Phoenix - Mesa Gateway Airport, Mansel Carter Oasis Park, Schnepfs Farms and numerous retail opportunities.
Apartment amenities include: Private backyard patios, smart locks and thermostats, wood-style flooring, full-size washers/dryers, Energy Star stainless steel appliances, quartz countertops, contemporary kitchen/bathroom cabinets, walk-in closets, energy-efficient LED lighting, lighted ceiling fans, vaulted ceilings, designer paint schemes and golf course view in select units.
Community amenities include: Full access to Las Colinas Golf Course, full access to Las Colinas pool, club house and facilities, walking paths and open green space, bike racks, garages available, pet-friendly policy and mature and maintained landscaping.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
