Tucson, AZ. – November 29, 2022 –Larsen Baker through its affiliate East Speedway Plaza, LLC sold the 22,960-square-foot freestanding retail building occupied by Summit Hut, at 5251 E Speedway Blvd. between Craycroft and Rosemont.

The building was sold to an affiliate of the Summit Hut operation as an owner user sale and sold for $3,157,000 ($137.50 PSF) on November 21, 2022.

Summit Hut has been a leader in outdoor gear and supplies in Tucson for over 50 years.

Isaac Figueroa with Larsen Baker represented the seller and handled the transaction for buyer.

Figueroa can be reached at 520-296-0200 ext #218 for more information.

To learn more, see RED Comp #10320.

PHOENIX, ARIZONA (November 29, 2022) — — Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn, and Ryan Boyle brokered the $19,433,137 (±$511,398/per unit) Orchards on 12^th, a 38-home, new construction single-family rental community located at 1220 E. Baseline Road in Phoenix. Northmarq represented the seller, Scottsdale-based TruVista Holdings, LLC . The buyer, CPI/BYN Orchards SFR Owner, LLC, is an entity formed by Los Angeles-based The Carlyle Group and Banyan Residential from Washington D.C.

“TruVista Holdings delivered another exceptional single-family rental community with Orchards on 12^th,” according to Koskovich. “It was an unparalleled opportunity for The Carlyle Group and Banyan Residential to expand their portfolio of single-family rental communities in the metro Phoenix market.”

Orchards on 12^th is a luxury built, single-family rental community featuring one- and two-story homes with attached two-car garages. The three- and four-bedroom homes range in size from 1,589 to 2,235 square feet. The homes interiors feature 10-foot ceilings, gourmet kitchens with stainless steel appliances and shaker cabinets, in-home washer and dryer and oak composite flooring. Each of the homes has a fenced-in backyard with artificial turf.

Completed in 2022, the 8.65-acre gated community is located in Phoenix’s South Mountain Village neighborhood. Orchards on 12^th is centrally located to downtown Phoenix with easy access via Interstate 10 and the Loop 202 South Mountain Freeway extension that was completed in December 2019. With a resident population of more than 131,000, South Mountain Village is home to local and national businesses, retailers and restaurants, as well as the 16,000-acre South Mountain Park and Preserve with more than 50 miles of trails for hiking, horseback riding and mountain biking.

According to Northmarq’s Single-Family Build-to-Rent Properties Special Report (November 2022) the single family build-to-rent market continues to gain momentum with developers forecast to deliver 64,000 homes that are built specifically for renters in 2022. With home mortgage rates doubling since the beginning of this year, transitioning to home ownership is proving more difficult, and renters who would prefer a single-family home over a traditional apartment community have driven the demand for single-family, build-to-rent communities throughout the U.S. This trend has been most pronounced in the South and West regions where populations and businesses are growing at the fastest rates.

$65 million purchase includes significant capital infusion to further enhance the resident experience at this AISD award-winning project

Phoenix and Denver, CO – November 29, 2022 – Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65 million. Recognized for its chic and colorful exterior with a coveted American Society of Interior Designers (ASID) Adaptive Use Award, the project will receive a fresh capital infusion of approximately $12,000 per unit, largely in interior apartment upgrades.

“This is a unique opportunity to invest in a project and local submarket we know quite well, and with a known entity in FCP, a group with whom we have previous investment experience,” said Christian Garner, president of Avanti Residential. “This acquisition allows for a meaningful capital reinvestment in the property that will further enhance the resident experience.”

Omnia on Thomas is located at 1645 E. Thomas Rd. just east of State Route 51 and adjacent to Phoenix Children’s Hospital, with direct access to the desirable Central Avenue Corridor and Camelback Corridor. The project features a mix of studio, one- and two-bedroom apartments, four swimming pools, a fitness center, and five EV charging stations.

Avanti also closed last month on the 342-unit Artistry apartments in downtown Kansas City, Missouri, marking the firm’s seventh investment in that market. Avanti has rebranded the property as Arte KC, a brand established by Avanti last year for a high-end lifestyle-forward apartment community in downtown St. Petersburg, Florida.

Avanti owns and operates approximately 9,000 apartments in Colorado, Arizona, Utah, greater Kansas City and Florida. The firm is selectively acquiring core-plus and value-add apartment projects on behalf of Avanti’s institutional and private capital partners.

“Despite the shifting investment environment, we continue to find opportunities where we can leverage established relationships and local market knowledge to uncover acquisitions that provide attractive risk adjusted returns,” added Garner.