The sale of Hampton Meridian, a single-family rental community in Apache Junction, Ariz., has been completed for $56.5 million. According to Commercial Edge, the property was sold by Paragon Development Group to a private individual who obtained a $35 million loan for the purchase.
In 2021, Paragon purchased the development site for nearly $3.1 million and secured a construction loan of $25.6 million from Sunwest Bank that same year. The community opened its doors in 2023 as the second build-to-rent project developed by Paragon after Hampton East in Mesa, Ariz., which was sold for $38 million also in 2021.
Located at 3000 W Southern Ave., Hampton Meridian offers homes ranging from 645 to 1295 square feet with private backyards included with each unit. Community amenities include a swimming pool, spa and gym along with cabanas and other features.
Steve Gebing and Cliff David of IPA represented the seller during this transaction while also securing the buyer’s involvement.
