PHOENIX — March 23, 2022 — Berkadia announced today the sale of Hampton East Phase II, a 53-unit Horizontal Build-for-Rent Community located in Mesa, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix completed the $22.1 million ($416,981 per unit) sale on behalf of the developer/seller, Arizona-based Paragon Development Group. The buyer was California-based IXP m1031 FBO Two River Gtown LLC, and the deal closed on March 21.
“The demand for build-for-rent (BFR) communities from investors and residents alike is at an all-time high,” said Forrester. “Arizona BFR communities have performed exceptionally well since their 2012 entry into the Tucson market, but their strong performance amid the COVID-19 pandemic has solidified BFR in the national spotlight.”
Located at 9652 E Hampton Ave. and constructed with HercuWall Technology, Hampton East Phase II features spacious one- and two-bedroom floor plans with 10-foot ceilings, backyards, full-size in-unit washers and dryers and pitched tile concrete roofs. Community amenities include a swimming pool, a spa/hot tub, a firepit with an outdoor lounge and an outdoor kitchen/barbeque area with ramadas. The property affords residents convenient access to the abundant and rapidly growing employment hubs in the East Valley of Metro Phoenix.