By InBusiness Phoenix
GTIS Partners LP, a real assets investment firm that manages in excess of $4 billion in gross assets with a focus on residential and industrial investments, today announced closing on Cotton Lane, a 13-acre site fully-approved for 144 build-to-rent units, located in Glendale, AZ. The Project will be developed in-house by GTIS with Sonoma Communities, a Phoenix based developer, serving as the project’s co-developer. The project is estimated to have a budget of approximately $43 million.
The site is located along the 303-corridor which, along with the adjacent city of Goodyear, has emerged as Phoenix’s fastest growing commercial/industrial hub. There is an estimated 20M sf of industrial and office that will deliver over the next several years, generating an estimated 21,000 new jobs. At the state level, according to the Arizona Governor’s office, an estimated 700,000 new jobs will be created by 2030.