Scottsdale Homebuilder Sells First Build-to-Rent Asset, has $197M in Development Pipeline

Article originally posted on Phoenix Business Journal on March 15, 2023

Scottsdale-based Keystone Homes sold its first build-to-rent project and now has four more in the pipeline totaling $197 million in development costs.

A year after completing construction, the 147-unit luxury rental community on 12 acres in Fountain Hills was more than 90% occupied when Keystone sold it to Washington-based Private Portfolio Group for $68.3 million.

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