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.