Insurance giant snags 140-unit Peoria property in all-cash deal Article originally posted on Phoenix Business Journal on April 30, 2026 A Los Angeles entity tracing to MetLife Investment Management plopped down $45.85 million in cash for a 140-unit West Valley build-to-rent property built in 2023. MetLife bought Grandstone at Sunrise Villas from Thompson Thrift for $327,500 a unit, according to Tempe-based real estate database Vizzda LLC. Thompson Thrift Residential built the rental community on 9.85 acres in 2023 at 24701 N. Lake Pleasant Parkway in Peoria. It is part of Sunrise Promenade, a master-planned development by Thompson Thrift Retail Group. The rental community features one and two-story villa style homes. Amenities include a clubhouse with fitness center, resort-style pool and spa deck and dog parks. Studio M Architecture and Planning, Beck Consulting Engineers, Collaborative V Design Studio Inc., Integrity Structural Corp. and KBSO Consulting were on the development team of the project. Last fall, Thompson Thrift broke ground on The Residences at The Gilmore, the multifamily portion of The Gilmore, a 35-acre mixed-used development in Gilbert. The first residents are expected to be welcomed in early 2017 to the 300-unit community. Upon completion, The Gilmore will provide about 200,000 square feet of grocery, restaurant and retail space and a hotel. Since it was founded in 1986, Indianapolis-based Thompson Thrift has invested more than $6 billion across several markets including metro Phoenix, where it has an office. It has several developments underway across the metro, including Elliot Tech Center in Mesa, Germann Commerce Center in Queen Creek, Pointe17 and Refinery at Pointe17 in Phoenix, The Maddox in Buckeye, Stella in San Tan Valley and South Bridge Marketplace in Maricopa. Prudential sells senior housing facility Another all-cash transaction involving an insurance company also recently closed. PGIM Real Estate, the real estate investment arm for Prudential Financial Inc., sold a 138-unit senior housing facility for $36 million cash. Buying MorningStar Senior Living at Golden Ridge was an entity tracing to Clarion Partners, according to Vizzda. That property was built in 2018 on 7.92 acres at 6735 W. Golden Lane in Peoria. It includes 65 assisted living units, 35 memory care units and 38 independent living units. The senior housing market is seeing growing investor demand and subsequent borrowing opportunities, said Brent Holman-Gomez, senior vice president of Cambridge Realty Capital. “This is a major shift from the last several years’ focus on buying below replacement cost,” Holman-Gomez said. “The M&A market has turned to typical bids looking at forward-looking business prospects.” Holman-Gomez and Zach Scardina, vice president of Cambridge Realty Capital, recently attended the spring NIC conference, one of the nation’s leading senior housing and healthcare industry events, where the general mood among attendees was one of optimism for the remainder of 2026 and heading into 2027. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/04/29/metlife-cash-deal-peoria-build-to-rent.html