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Avison Young brokers $12.6 million sale of 30.3-acre land parcel for build-to-rent residential development in Buckeye, AZJuly 7, 2022
Phoenix, AZ – Avison Young announced today the $12.6 million sale of a 30.3-acre land parcel for the development of a build-to-rent (BTR) residential development. The site is located at Watson Road and Interstate 10 in Buckeye, AZ.
Avison Young Principals James DeCremer and Matt Milinovich and Senior Associate Alec Miller who are based in the Phoenix office represented the seller, Western Properties, Inc. The buyer, Phoenix-based real estate investment and development company, Modus Development was represented by Will French with Cushman & Wakefield.
Modus Development has plans to develop approximately 400 apartment units and single-family rentals.
“Our Avison Young team developed a multi-tiered marketing strategy with the goal of selling to a residential developer. This strategy created an optimal situation for our client’s objectives, as well as the local community which is experiencing an outsized demand for residential product,” said DeCremer. “Ultimately, we secure multiple offers from qualified groups and selected Modus Development, an experienced developer that offered favorable terms.”
The site is visible from the I-10 freeway and adjacent to Sundance Towne Center, a multi-anchored power center. I-10 Watson is a regionally significant intersection and the BTR community will help meet housing demand as Buckeye continues to see record-setting population growth.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
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For more information:
Darcie Giacchetto, Media Relations Specialist – Southwest: +1.949.278.6224
James DeCremer, Principal, Avison Young: +1.480.423.7958
Matt Milinovich, Principal, Avison Young: +1.480.423.7959