Berkadia Negotiates $56.9M Build-to-Rent Property in Avondale, Arizona
PHOENIX, ARIZONA – April 30, 2024 – Berkadia announced today the sale of Cottages at McDowell, a newly constructed 217-unit, low-density cottage-style build-to-rent (BTR) community in the city of Avondale, a West Valley submarket of metro Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Directors Dan Cheyne and Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller, Arizona-based WS Avondale LLC.
Cottages at McDowell sold for $56.9 million to Arizona-based CTAZ McDowell 117 LLC, an entity formed by Christopher Todd Capital. The investment company of Christopher Todd Communities sold on April 24 at a sale price equal to $262,613 per unit or $299.36 per square foot.
“Cottages at McDowell is well situated to serve the growing multifamily demand of the West Valley of metro Phoenix and is also convenient to the multitude of amenities and attractions within this submarket,” said Forrester.
“The demand from both residents and investors alike for Cottage-Style build-to-rent Communities continues to be strong,” said Curtis.
Located at 1350 N. 117th Avenue, the property abuts Friendship Regional Park and Interstate 10. Cottages at McDowell was built in 2024 and features 217-units, comprised of one- and two–bedroom units, with ten-foot ceilings, a private back yard for each home, stainless-steel appliances, spacious walk-in closets, two swimming pools, a state-of-the art fitness center, detached garages, and more.
Build-to-Rent Developer Acquires Newly Constructed Property in Avondale, Arizona | CoStar
Built-to-Rent Property Near Phoenix Sells for $56.9Mln | Commercial Real Estate Direct