Carlyle Pays $35M for New Phoenix SFR Community

Cyrene at South Mountain includes 72 luxury homes.

Cyrene at South Mountain. Image courtesy of Northmarq

Curve Development, a Phoenix-based real estate development firm, has sold Cyrene at South Mountain, a 72-home single-family rental community in Phoenix. Carlyle paid $35.4 million for the recently built property.

In 2020, JEN Partners LLC funded the project with an undisclosed amount from a $50 million construction line of credit provided by Western Alliance Bank, Yardi Matrix data shows.

Cyrene at South Mountain spans almost 9 acres and comprises one- and two-story townhomes with three- and four-bedroom floorplans, varying from 1,250 to 1,589 square feet, equipped with stainless steel appliances, in-unit washers and dryers, walk-in closets, as well as two-car garages and private backyards. Common-are amenities include barbecue grilling stations, an event lawn, a dog park, walking trails and a seating area.

Located at 6250 S. 15th Way, the community is within 2 miles of several dining and retail options, including Target and Walmart Neighborhood Market. Interstate 10 is some 3.5 miles southeast of the property, while Phoenix city center is roughly 5.5 miles away.

Northmarq’s Phoenix Investment Sales team of President Trevor Koskovich, Managing Director Jesse Hudson, Executive Vice President Bill Hahn and Associate Vice President Ryan Boyle represented the seller in the transaction.

Fueled by high demand for more space and privacy, single-family rentals have been gaining popularity over the past few years. Phoenix was the top metro for BTR project developments in 2021 and continues to see strong construction activity. Yardi Matrix shows that the metro had 12 properties totaling 2,605 units in various stages of development as of mid-October.

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