Berkadia Institutional Solutions Completes $61.4M Sale of Cottage-Style Build-to-Rent (BTR) Community in Arizona
PHOENIX, ARIZONA – August 20, 2024 – Berkadia Institutional Solutions announced today the sale of Sanctuary on 51st, a 217-unit cottage-style Build-to-Rent (BTR) community located in Laveen Village of Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne, and Senior Directors Spencer Scott and Andrew Curtis of Berkadia Phoenix completed the $61.4 million sale on behalf of the seller, Arizona-based Brown Group Inc. The buyer was California-based Brunton Management, and the deal closed on August 14.
“We’re proud to have successfully facilitated this deal on behalf of the seller,” said Forrester. “SFR/BTR product is in high demand and this property offers the buyer much opportunity in the years to come.”
Located at 7100 S 51 St. Ave., Sanctuary on 51st features one-, two-, and three-bedroom floor plans with an average unit size of 1,055 square feet, in-unit washers and dryers, private backyards or patios, and luxury kitchens with stainless steel appliances. Community amenities include a swimming pool, a fitness center, an outdoor fire pit area, and a clubhouse. Strategically located near Loop 202 freeway, the property’s residents are convenient to demand generators and attractions in the west valley of metropolitan Phoenix in addition to downtown Phoenix, Sky Harbor Airport and Chandler.
“Sanctuary’s unique design elements which include 203 cottage-style units and 14 one-car direct access units, coupled with expansive resort-style amenities such as the clubhouse, will differentiate itself for years to come,” said Curtis.
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Phoenix-Area Apartment Property Sells for $61.4Mln | Commercial Real Estate Direct