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 doggie door and private backyard.
Mark Singerman, vice president and regional director for Rockefeller Group, said the two parcels the company bought are nearly two miles apart.
A 9.2-acre parcel at 8181 S. 20th St. was purchased from The Bruckal Group for $4.9 million, and a 7.34-acre site at 825 E. Euclid Ave. was purchased from Scottsdale-based Avenue North LLC, which has been developing rental units in the South Mountain area.