18 Apr AVENUE NORTH SECURES $20 Million CONSTRUCTION FINANCING
Tower Capital arranged more than $20 million in non-recourse construction financing for Proximity 7th, a build-to-rent (BTR) multifamily community being developed by Avenue North real estate investments in Phoenix. The seven-acre property is located at 801 E. Euclid Avenue and will house an 84-unit BTR development that is expected to deliver first units in Q1 2023.
“We remain bullish on the Phoenix market and are excited to add to our Proximity brand of lower density housing,” said Scottsdale-based Avenue North’s Chief Vision Officer Ryan Hartman. “As the owner and also general contractor, this community advances our business line platforms of value-add multifamily, land development, and third-party construction. We are proponents of the BTR product because it appeals to a wide renter base and is filling a need for higher-quality living experiences than traditional apartments do. That appeals to more people as many spent more time at home through the pandemic and want more space and features typically found in a single-family residence,” he added.
Proximity 7th will feature luxury two-bedroom carriage units and three-bedroom townhome units. The community will offer residents high quality amenities including a swimming pool, ramada, BBQ grills, and a game lawn. Homes at Proximity 7th will feature private entrances, private backyards, hard surfaced countertops, full size washer and dryers, stainless steel appliances, 10+-foot ceilings and smart home technology packages.