Tower Capital arranged $185.7 million in financing for four Build-to-Rent (BTR) developments that will result in 572 units delivered in Arizona, with one in North Carolina. The financing encompasses three new projects in the Phoenix market, including $67.4 million for Village at Carver Mountain, $59.6 million for Village at Sonoran Vista, and $21.2 million for Montana Del Sur.
Tower Capitals’s Kyle McDonough has more, “Rising mortgage rates are causing potential buyers to take a look at single-family rentals, which can offer more affordable economics compared to buying a house, while delivering the lifestyle and flexibility they seek. For those reasons, it is expected that demand will continue to increase for BTR’s.” Tower Capital has successfully closed more than $750 million in financing transactions for Build-to-Rent product.
Tower Capital also arranged $3.6 million in acquisition financing for Avalon, a 12-unit apartment asset in Phoenix.