PHOENIX, AZ - Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced plans to develop three new build-to-rent (BTR) communities in Arizona. The three communities will add more than 550 single-family rental homes to the Phoenix metropolitan area. Sunstone Two Tree now has nine BTR communities totaling close to 1,500 units in various stages of development in the state and remains committed to creating high-quality, attainable living spaces to address the critical shortage of entry-level homes.
"The current economic situation is not only pushing homeownership further out of reach for so many individuals and families, but it is making it even more difficult for developers and builders to add much-needed inventory to the market," said Scott Maddux, President of Sunstone Two Tree. "We are pleased to start these three new projects despite significant headwinds in the current economic environment. These communities combine the benefits of single-family living (larger units, dedicated parking, private yard space) with the advantages of renting (flexibility, amenities and minimal maintenance responsibilities). The combination of those two qualities really serves to meet the evolving demands of today's residents."
Sunstone Two Tree has closed on a 29-acre lot at the southeast corner of Northern Parkway and N. Sarival Avenue in Glendale, Arizona which it will develop with its partner, Capital Square. The 320-unit community will include 102 detached single-family homes, averaging 1,655 square feet, and 218 townhomes averaging 1,257 square feet. Each home will have two stories, direct garage access and a private yard, with many community amenities including a pool, spa, fitness center, parks, BBQs, gated entry and sports courts. Construction is expected to begin October 2023.
Capital Square and Sunstone Two Tree, each with a proven track record of successful real estate ventures, are pooling their resources, expertise, and networks to develop best-in-class rental housing in high-growth markets. Their complementary skillsets and shared vision promise a strategic synergy that will drive innovation and excellence in real estate development.
In addition to the Northern Parkway project, Sunstone Two Tree has received approvals and recently started construction on two other BTR communities in the Phoenix area. On a 7.64 acre lot located at the southeast corner of N. 99th Avene and W. Van Buren Street in Tolleson, Arizona, the company will develop a community of 143 three-bedroom, two story townhomes. They will average 1,350 square feet and each have a two-car garage and private backyard. The company has also received approvals for a build-to-rent community on the northwest corner of S. 91st Ave and W. Lower Buckeye Road in Phoenix. The 5.64 acre lot will become a community of 88 three-bedroom townhomes with attached, two-car garages and private backyards. Amenities at both communities will include pickleball courts, parks, playgrounds and a dog run, clubhouse, pool fitness center and tot lots.
Each of the three communities is conveniently located, with easy access to downtown Phoenix, Sky Harbor Airport, freeways, shopping centers, schools and employers. All of them will be professionally managed and well-maintained by best-in-class on-site property management companies.
Sunstone Two Tree is a developer and operator of rental housing in high growth markets in the United States. Overall, the company has acquired or developed thousands of rental units across the country.