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8/04/23
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CVG Properties purchased Proximity Baseline, an 80-unit build-to-rent (BTR) property in Phoenix, for $27.2 mil in an off-market deal. The community, located at 1700 East Baseline Rd, was sold by Avenue North.
The detached and duplex single-family residences come in either one- two- or three-bedrooms and feature 10' to 14' high ceilings, stainless steel appliances, vinyl flooring and smart home technology. Each unit has a private backyard with a patio.
Proximity Baseline represents CVG's first BTR acquisition in Phoenix and will be renamed The Linq @ South Mountain. The BTR sector has boomed in recent years across the Valley. Since 2018, developers have delivered more than 10,000 BTR units in Arizona.
Griffen Tymins, Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of CBRE's institutional multifamily practice in Phoenix represented the seller in the transaction. CVG Properties is a real estate investment firm that targets multifamily properties throughout the Western and Sunbelt states, primarily focusing on California, Arizona, Utah and Texas.
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