Northmarq completes $39.24M sale, financing of build-to-rent community in Chandler, AZ

CHANDLER, Ariz. (Sept. 13, 2024) — Northmarq’s Phoenix Multifamily Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca brokered the $39.24 million (±$360,000/per unit) sale of the 109-unit Village of Chandler, a brand new luxury, build-to-rent community located at 6075 S. Gilbert Road in Chandler, Arizona. Northmarq represented the seller, VOCB, LLC, an entity of Truvista Holdings.

Collaborating on the deal, Northmarq’s Seattle Debt + Equity team, led by Ron Peterson, secured the permanent fixed-rate loan on behalf of the borrower, Village of Chandler Apartments LLC, an entity formed by PrivatePortfolio Group LLC. The deal was completed through a repeat borrower-lender relationship with a life insurance company and structured on a 10-year term.

“Village of Chandler’s strategic location created a competitive bidding environment due to the submarket’s high barriers to entry, predominance of white-collar jobs, and limited supply,” Koskovich said. “Ultimately, the buyer was selected for their proven track record, ability to close and established presence in the submarket.”

“The buyers long-standing relationship with this lender allowed them to move quickly and aggressively to get the property under contract, lock the interest rate on a term sheet, and proceed to what was an extremely easy execution,” Peterson said.

Built in 2024, Village of Chandler is where luxury living meets the tranquility of a small town community. The pet-friendly, multifamily community offers one-, two- and three-bedroom homes. The homes include spacious floor plans, an abundance of natural light and quality finishes.

“We are extremely proud to be the developer and general contractor for the Village of Chandler community,” said JD Levy, owner of TruVista Development. “Not only is it a unique and much-needed housing option for residents of South Chandler, but also an award winning development having recently been announced as the 2024 Arizona Multihousing Association's Developer Award for Best Community Design in Build-to-Rent.”

Units include sleek stainless-steel appliances, quartz countertops and open concept floor plans. In addition, Village of Chandler offers air conditioning, smart technology including thermostats, locks and Ring Doorbells, in-unit washers and dryers, patio/balcony, spacious walk-in closets, private enclosed backyards, 10- to 16-foot ceilings and white subway tile backsplashes. Community amenities feature part of a private gated community, a resort-style swimming pool, an outdoor fitness center, gas grills, a bark park, outdoor ramada, picnic area and grassy courtyard.

The property is located within blocks of food and pharmacy options, and it is near Interstate 10 with access to Phoenix. It is also well-positioned near high earning job opportunities, just minutes from Intel Corporation’s Ocotillo Campus, the Price Road Employment Corridor, Banner Health — Arizona’s largest employer, the Chandler Airpark Business District and more.

Northmarq has positioned itself as an early industry leader in brokerage and financing single-family build-to-rent transactions. Our team has assisted in the sale and financing of more than 8,000 units of single-family build-to-rent transactions totaling $2 billion.