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6/23/22
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Inland Real Estate Acquisitions, a Chicago-based REIT, has acquired TerraLane at South Mountain and TerraLane at Canyon Trails, two build-to-rent located in Phoenix and Goodyear, AZ. The two communities, comprising a total of 409 single-family rental homes across 32 acres, were sold by TerraLane Communities.
195 N. 173rd Ave, Goodyear |
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TerraLane at Canyon Trails is located at 195 N. 173rd Ave in Goodyear. The 262-unit community is open and actively leasing homes to new residents. The community was 85% occupied at the time of sale.
TerraLane at South Mountain is located at 8449 S. 59th Ave in Phoenix and is also actively leasing. The community includes 147 total homes and was 92% occupied at the time of sale.
Both communities offer a modern, spacious and maintenance-free living experience with resort-inspired amenities such as an expansive community center, a heated swimming pool and jacuzzi, outdoor poolside sunning deck, barbecue grilling stations and an outdoor fire pit with seating. The two communities are pet-friendly, have controlled, gated access, offer smart-home technology and connect to many walking trails and parks.
The sale was facilitated by Northmarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle through an off-market transaction. Terms of the deal are not disclosed.
TerraLane is looking to expand its initial one- and two-bedroom single-story rental home projects as the company plans to build in locations beyond the Metro Phoenix area. The firm is seeking to grow its product offerings to address a larger pool of renters in select Sun Belt markets that offer strong economic fundamentals. This would include three- and four-bedroom townhomes and single-family detached rental homes appealing to young and growing families.
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