By ORION Investment Real Estate and BEX Staff
Rockefeller Group announced it has acquired two sites for the development of 152 Build-to-Rent townhomes. The two sites, approximately 1.75 miles apart, total 16.5 acres in Phoenix’s South Mountain corridor.
The first site, located at 8181 S. 20th Street, is 9.2 acres and sold for $4.9M. The seller was The Bruckal Group, which had called the project Baseline Townhomes. The second site, located at 825 E. Euclid Avenue, is 7.34 acres and was purchased for $3.8M in an off-market transaction. The seller was Proximity Rental Homes, and the development had been known as Proximity on 7th & Euclid.
Both sites are fully entitled. First occupancies are projected for Q1 2025. Groundbreaking ceremonies are planned for this summer, but Proximity had previously reported initial construction on its site started last April.
The projects will now share the same name but be differentiated by their address. The townhomes will range from 1,126SF to 1,525SF with two and three bedrooms. The Euclid Avenue site will also have 27 garages available for lease to residents. The 20th St. townhomes will all have two-car attached garages. Both sites will have a pool, hot tub, dog park and other open space amenities.
ORION’s Zack Mishkin brokered the transactions between the buyer and sellers.
