US: The Orchards on 12th, a recently completed SFR development in Phoenix, Arizona, has been acquired for $19,433,137 by an entity formed by The Carlyle Group and Banyan Residential.
The 38-home community is located at 1220 E. Baseline Road in Phoenix. Completed in 2022, the 8.65-acre gated community is located in Phoenix’s South Mountain Village neighbourhood.
The sale price equates to $511,398 per unit. Northmarq represented the seller, Scottsdale-based TruVista Holdings, LLC .
Orchards on 12th is a luxury community featuring one- and two-storey homes with attached two-car garages. The three- and four-bedroom homes range in size from 1,589 to 2,235 square feet. Each of the homes has a fenced-in backyard with artificial turf.
Northmarq reports the single family build-to-rent market continues to gain momentum with developers forecast to deliver 64,000 homes that are built specifically for renters in 2022. This trend has been most pronounced in the south and west of the US, where populations and businesses are growing at the fastest rates.
