(Rendering courtesy of Rockefeller Group)
By AZ Big Media
Rockefeller Group, the U.S. real estate developer, owner, and operator, announced today that 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 and are located in Phoenix’s booming South Mountain corridor. Groundbreaking on both sites is expected this summer with first occupancies projected for first quarter 2025.
The first site, located at 8181 S. 20th Street, is 9.2 acres and sold for $4.9 million. The seller was The Bruckal Group. The second site, located at 825 E. Euclid Avenue, is 7.34 acres and was purchased for $3.8 million in an off-market transaction. The seller was Proximity Rental Homes. Both sites are fully entitled.
“Rockefeller Group is excited to be able to acquire two of the few remaining infill sites for residential development in South Phoenix,” said Mark Singerman, Vice President and Regional Director for Rockefeller Group. “There is big demand and low supply in the South Mountain area, and we are confident that these two projects will help fill that need.”