More Build-to-Rent Communities Coming to South Phoenix

Article originally posted on Phoenix Business Journal on July 22, 2021

Scottsdale-based Avenue North LLC has big plans to build more single-family rental communities in South Phoenix, where the company already has two projects underway.

Plans call for investing $200 million into that South Mountain corridor, said Ryan Hartman, chief vision officer for Avenue North. Syndicate financing comes from private individuals who invest $100,000 to $2 million per deal.

Developers continue to buy land across the Valley to build these wildly popular hybrid rental units that combine detached single-family homes built within their own highly amenitized communities.

There currently are more than 5,300 units now under construction around the region, adding to the 4,800 existing units in metro Phoenix, said Thomas Brophy, research director for Colliers International.

“By the end of 2022, inventory within the BTR development subset will have doubled but, despite robust construction numbers, will only represent less than 5% of total Valley inventory,” Brophy said.

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