Northmarq brokers $18.55 million sale of 70-unit build-to-rent property

PHOENIX (Feb. 28, 2024) — Northmarq’s Phoenix Investment Sales team collaborated with the National Build-to-Rent Advisory Group to finalize the Phase II sale of LEO at the Sanctuary for $18.55 million. Phase II includes 70 build-to-rent units located at 103 Moultrie Dr. in Rincon, Georgia. Phase I of the property’s construction (208 units) was completed in October of 2021 and sold for $56.16 million.

The Investment Sales team included Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca along with the BTR Advisory Group of Trevor Koskovich, Gabe Tovar, Taylor Snoddy, Luis Elorza, John Currin, Eric Stockley and Peter Chacon.

Northmarq represented the seller, Jasper Village, LLC an entity formed by Next Chapter Neighborhoods. The buyer was a Delaware limited liability company, an entity formed by Advenir.

"The collaboration within the Build-to-Rent Advisory Group extended to both Phase I and II of this project,” said Hudson. “With the inclusion of additional units, the buyers will benefit from operational efficiencies as they actively pursue build-to-rent prospects nationwide.”

LEO at the Sanctuary offers one-, two-, three- and four-bedroom cottage-style homes minutes from downtown Savannah and Pooler. Residents of the build-to-rent property enjoy Rincon’s dining, shopping and entertainment in addition to stylish interiors like stainless steel appliances, granite countertops and plank-style flooring. The pet-friendly community offers in-home washer and dryers, front porch/back patios and attached one- or two-car garages.

Visit here to learn more about Northmarq’s Build-to-Rent specialty group.