After completing construction of a 144-unit build-to-rent community in Mesa earlier this year, Taylor Morrison Home Corp. (NYSE: TMHC) has sold the property for $53 million.
The community at 250 N. Ellsworth Road opened earlier this year in partnership with Mesa-based Christopher Todd Communities. But they didn't renew their three-year licensing agreement, leaving Taylor Morrison with the ability to sell the property.
Last month, Darin Rowe, president of Taylor Morrison's build-to-rent division, had told Phoenix Business Journal he had expected to close on the deal before the end of the year.
The property, which was 82% leased when the deal closed, was purchased by a San Diego partnership called Ellsworth Housing Partners LLC, which is rebranding the community as The Logan at Ellsworth.
Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca brokered the $53 million transaction on behalf of Taylor Morrison.
The single-family build-to-rent market continues to gain momentum with developers delivering more than 200,000 rental homes since 2017, according to Northmarq's Single-Family Build-to-Rent Properties Special Report issued in May.
And more are on the way, including 735 rental units being planned by New York-based Mack Real Estate Group LLC and another 354 rental homes by Phoenix-based Empire Group of Cos. near Taiwan Semiconductor Manufacturing Co.'s $12 billion plant in north Phoenix.
According to another Northmarq report, the build-to-rent sector has..