Construction of Build-to-Rent (BTR) properties in the Phoenix metro area shows no signs of slowing down. Tower Capital recently arranged $88.5 million in construction financing for a 354-unit BTR community, Village at Bronco Trail, planned for development by Scottsdale’s Empire Group. Kyle McDonough led a team that secured the financing on behalf of Tower Capital and noted that his company has closed nearly $210 million in BTR financing over the past month with an additional $300 million set to close this summer.
The roughly 30 acre site located at 29th Ave and Sonoran Desert Dr is expected to deliver its first units by 2024 and will feature average unit sizes measuring 920 square feet along with detached garages, resort style pool, clubhouse and common area open space as well as private yards for each home.
Phoenix continues to be an attractive market for Build-to Rent projects due largely to its strong job growth which is projected continue into 2021 making it one of the most desirable areas across America when it comes multifamily housing investments .
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