New luxury single-family rental home community in Phoenix
PHOENIX, ARIZONA (April 11, 2023) - Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Ryan Boyle, Jesse Hudson and Logan Baca brokered the $10,325,000 million (±$491,667/per unit) sale of Encanto Waterfront, a 21-unit, luxury single-family build-to-rent community located at 814 E. Roma Avenue in Phoenix. Northmarq represented the seller, Phoenix-based Metro 21 on Roma, LLC. The buyer was BSK 340, LLC from Los Angeles.
Built in 2023, the pet-friendly community features 21 two-story, luxury single-family rental homes with three bedrooms and two and one-half baths. There are six 1,298-square-foot units and fifteen 1,378-square-foot units. All of the homes included attached one-car garages and fenced yards with paver walkway/patios. The interiors feature wood-style flooring in all of the living areas, plush carpet in bedrooms, stainless steel appliances, walk-in closets and in-unit washer and dryer.
“Encanto Waterfront presented the unique opportunity to acquire a true detached single-family rental community in the heart of Central Phoenix. The dynamic infill location and lack of true competing product in the area made for an attractive acquisition,” explained Boyle.
According to Northmarq’s Single-Family Build-to-Rent Properties Special Report (November 2022) elevated mortgage rates have contributed to continued renter demand, including single-family renters who may have otherwise transitioned into homeownership in a low- or stable-interest rate environment. Developers are increasing activity levels with deliveries of single-family, build-to-rent units forecast to rise 20 percent in 2022 and construction starts are on pace to spike by 25 percent. Metropolitan Phoenix is one of US markets showing the highest growth in new single-family, build-to-rent projects. For additional information read the full Single-Family Build-to-Rent Properties Special Report.