PHOENIX – June 9, 2022 – Berkadia Institutional Solutions announced today the sale of ARISE Litchfield Park, a 135-unit Build-For-Rent (BFR) luxury community located in Litchfield Park, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne, Senior Director Spencer Scott and Director Andrew Curtis of Berkadia Phoenix completed the $62.15 million sale on behalf of the developer/seller, California-based Family Development. The buyer is an entity of Illinois-based Heitman Capital Management, and the deal closed on June 8.
“Situated near NEC Dysart and Camelback Road, ARISE at Litchfield Park is strategically positioned to serve the burgeoning Multifamily and Build-for-Rent (BTR) demand in the West Valley of Metro Phoenix, and in particular the strong and growing employment within the I-10, Loop 101 Freeway and Loop 303 Freeway corridors,” said Forrester.
Located at 5110 N 129th Ave., Arise Litchfield Park recently finished construction and is nearing completion on its lease-up. It is the first Horizontal Build-For-Rent community in Metro Phoenix offering fully detached single-level one-, one and a half- and two-bedroom rental homes. Floor plan designs include spacious backyards, 10-foot ceilings, full-size washers and dryers and stainless steel appliances. Community amenities include a swimming pool and spa, a barbeque grilling area, a bocce ball and cornhole court, landscaped courtyards and a dog park. The density of this development, which includes 20 detached garages and covered/open parking, is 12.1 homes per acre. The gated property is walkable to directly adjacent grocery and retail stores.
“The sale of ARISE Litchfield Park sale represents the highest rent per square-foot sale of any Horizontal Build-for-Rent Product type in Metro Phoenix at $552.24 per square foot,” said Curtis. “The community’s architectural design mixes Mediterranean and Santa Barbarian styles, which makes it appealing for both residents and neighbors living in or adjacent to the community.”