By in Business PHX
Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets across the United States, today announced updates across its Phoenix build-to-rent portfolio. In addition to its existing portfolio of BTR developments in the area, the company is now delivering homes across three new communities in Phoenix. When fully delivered, they will total more than 550 new rental homes. In addition to delivering new homes, the company has closed on a new 20.86-acre lot in Buckeye where it will build a 238-unit BTR community. Finally, it has broken ground on a BTR development in Mesa.
“It is no secret that over the past several years, the Phoenix MSA has seen elevated rental housing deliveries, which has weighed on operating fundamentals,” said Scott Maddux, CEO of Sunstone Two Tree. “In the midst of this challenging dynamic, we have always felt like the market was underserved for rental product that caters to the growing millennial generation, which has outgrown apartment living but is also unable to purchase a home in today’s elevated interest rate environment. Our product meets that need by providing affordable homes with three and four bedrooms, two-car garages and backyards with onsite, professional management. That type of product is much more limited in Phoenix and, as a result, we have seen strong rental performance which allows us to move forward on subsequent developments like Blue Horizons.”
