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01 Jul

Posted at 17:36h in Uncategorized

July 2023 Scottsdale-based Avenue North LLC just sold its 80-unit south Phoenix build-to-rent community, Proximity Baseline, for $27.2 million, according to Tempe-based Vizzda LLC real estate database. An entity tracing to CVG Properties and Jonathan Lampitt bought the 6.68-acre community, paying $340,000 per unit, according to Vizzda. The Scottsdale investment group put $14.2 million down, with the remaining $13 million debt being carried by Avenue North, Vizzda records...

01 May

Posted at 17:34h in Uncategorized

May 2023 Long known for developing industrial and office projects in metro Phoenix, New York-based Rockefeller Group is getting into the build-to-rent sector. The developer of several industrial and retail projects in metro Phoenix bought two parcels totaling 16.5 acres in south Phoenix with plans to invest about $40 million to develop 152 rental townhomes. Ranging between 1,126 and 1,525 square feet, each two-story unit will have a...

01 Oct

Posted at 17:32h in Uncategorized

October 2022 Avenue North has sold Proximity on 16th, an 85-unit luxury single-family rental community located at 7500 S. 16th St., to Bridge Founders Group for $30.1 million. A Phoenix-based Northmarq investment sales team represented the seller in the transaction. Proximity on 16th was built in 2021 on 6.7 acres and totals 85,935 square feet of space, according to CommercialEdge data. The community offers a mix of...

06 May

Posted at 22:01h in Uncategorized

May 2022 Avenue North, which has been busy developing $200 million build-to-rent communities in south Phoenix, has launched a construction company to build projects for other developers and owners. The goal of this new third-party construction firm is to build 1,000 units a year, said Ryan Hartman, chief vision officer for Scottsdale-based Avenue North. It will operate as an affiliate of Avenue North. "We're interested in providing a service to...

18 Apr

Posted at 23:13h in Uncategorized

Apr 2022 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...

18 Dec

Posted at 23:11h in Uncategorized

Dec 2021 Avenue North, LLC acquired 4 acres at the northwest corner of 36th St & Southern Avenue in Phoenix, AZ.  The acquisition included 3 separate parcels and is located on Esteban Park. With access to downtown Phoenix, Tempe, Scottsdale, and Sky Harbor Airport, the property is ideally located for a new residential community.  Construction on a new residential community is anticipated to begin in early 2023. ...