BSK 340 recently acquired a 21-unit luxury build-to-rent community located in downtown Phoenix for $10,325,000. The seller was Metro 21 on Roma and the transaction was brokered by Ryan Boyle of Northmarq’s sales team.
2023 built property features six 1,298 square foot units and fifteen 1,378 square foot units with three bedrooms and two and one-half baths each. All homes are equipped with attached one-car garages as well as fenced yards with paver walkways/patios.
According to Ryan Boyle, “Encanto Waterfront presented the unique opportunity to acquire a true detached single-family rental community in the heart of Central Phoenix.” He further noted that “the dynamic infill location combined with lack of competing product made this an attractive acquisition”.
Northmarq reports suggest that build-to-rent units will rise by 20 percent in 2022 while construction starts are expected to spike 25 percent higher than before; making Metropolitan Phoenix one of the US markets showing the highest growth rate for new single-family projects.
