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**Tricon Acquires Two Phoenix-Area Build-to-Rent Communities for $44.15M**
Two build-to-rent (BTR) communities in the Phoenix metropolitan area have been sold for a combined total of $44.15 million. Arcadia Capital Group and Platform Ventures were the sellers, while Tricon Residential emerged as the buyer. The transaction reflects a blended price of approximately $485,164 per unit for a total of 91 homes.
The sale was brokered by Northmarq’s Phoenix Multifamily Investment Sales team, led by Ryan Boyle, Trevor Koskovich, Jesse Hudson, and Logan Baca.
One of the properties, Bower Hudson Crossing, is a 43-home detached BTR community located on 6.3 acres in the Chandler submarket. Completed in 2024 and currently fully occupied, the gated neighborhood features three- and four-bedroom homes with modern interior finishes, private backyards, and two-car garages equipped with EV charging capabilities.
The second property, Bower Gateway, consists of 48 detached homes and was completed in 2022. Situated in a highly desirable area of Mesa, the community offers contemporary three- and four-bedroom residences with private yards, two-car garages, and shared amenities such as grass courtyards and landscaped walking trails.
This acquisition underscores continued investor confidence in the BTR sector, especially within high-growth markets like Phoenix.
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