Blackstone Buys Phoenix BTR Portfolio
The homes debuted between 2022 and 2024.
Blackstone’s Tricon Residential has acquired two build-to-rent assets encompassing 91 homes in metro Phoenix. A joint venture between Arcadia Capital Group and Platform Ventures sold the properties for nearly $44.2 million. Northmarq represented the sellers.
The two communities are The Bower Gateway, a 48-unit property in Mesa, Ariz., and the 43-unit Bower Hudson Crossing in Chandler, Ariz. The duo features detached homes comprising three- and four-bedroom floorplans, private backyards and two-car garages.
The 2022-completed Mesa property is at 9318 E. Solina Ave., about 16 miles from the Chandler community at 1373 E. Mulberry Road, which debuted just last year. Downtown Phoenix is on average about 30 miles away from the duo.
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What’s more, the two properties are in single-family residential neighborhoods, Northmarq Vice President Ryan Boyle told Multi-Housing News. The duo performed well and experienced “high occupancy trends with little turnover”, he continued. Between the two, the rate ranges from 96 to 100 percent.
Boyle and Northmarq President Trevor Koskovich, together with Regional Managing Director Jesse Hudson and Senior Associate Logan Baca represented Arcadia and Platform Ventures in the sale.
Recent BTR moves by Blackstone’s Tricon
Blackstone took Tricon private in a $3.5 billion deal last year, a company that had a portfolio of 38,000 single-family rental homes across the U.S. at the time, as well as multifamily units in Canada. The private equity giant planned to invest $1 billion to expand Tricon’s BTR pipeline and an additional billion to improve its existing inventory.
Tricon’s BTR footprint continued expanding. Last spring, it brought online two properties comprising 301 homes across Texas. Tricon developed the duo alongside HHS Residential. The company also teamed up with Sares Regis to open a 114-unit property in Rancho Cordova, Calif.
Acquisitions also kept closing with Tricon paying $78.2 million in separate deals for three assets comprising 232 units in metro Atlanta, Yardi Matrix data shows. Haven Realty Capital and Walton Street Capital sold the properties last year.
Phoenix BTR investment gets hotter
As renting continues to be a more affordable option compared to owning a home, demand is slated to keep up the pace. In Phoenix, the difference clocked in at $1,255 in favor of renting as of December 2024, according to a Yardi Matrix research bulletin.
BTR investment across the Valley of the Sun gained momentum, as 9.7 percent more rental homes traded during the first eight months of 2025, compared to the same period of last year, the data provider shows. The average price per unit also rose 48.9 percent, to $408,319. Blackstone’s purchase topped that, with the price reaching $485,164 per unit across the portfolio.
Phoenix’s southeast valley, including Chandler, Mesa, Gilbert and Queen Creek, has seen outsized investor interest, with the area witnessing more activity than any other part of metro Phoenix this year, Boyle told MHN.
“Investors are drawn to quality locations. There has been significant demand and price premiums in the southeast valley due to strong demographics, lower concentration of supply and strong white-collar employment,” he reasoned.
