Family Development Opens Preleasing for Arizona BTR Community
Constructed in partnership with Mosaic, the property will open to residents this spring.
Family Development has completed the first units of a build-to-rent community in Gilbert, Ariz. Preleasing has begun at the 209-unit luxury townhouse project, Town Germann, which will open to residents this spring.
The property, which is being developed in partnership with Mosaic, a national BTR general contractor, broke ground in 2022 with a construction loan of $41.7 million.
“As the Phoenix metro area continues to be a hub of job creation, the resulting influx of families and higher-income tenants to the area has increased demand for mid- to upper-level rental housing,” Ron Gonski, SVP of Growth at Mosaic told MHN. “These groups are prioritizing single-family living in their desired locations, even if it means renting. Yet over the past decades, these product types—including luxury townhomes, cottages, single-family detached homes and duplexes—have been massively underdeveloped. Build-to-rent communities are delivering high-quality, flexible living in premium locations. Town Germann exemplifies what’s possible for a new generation of discerning renters.”
Upon final completion, Town Germann will feature two- and three-bedroom homes ranging from 1,192 to 1,379 square feet.
Units will feature open floor plans, laundry rooms, a powder room and attached two-car garages. Community amenities will include a pool, spa and fitness center,, as well as several parks, grilling stations and walking trails.
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Situated west of the intersection of Lindsay Road and Germann Road, the BTR townhomes are being developed on a 14.5-acre lot that will host a total of 42 buildings, according to Yardi Matrix data. Downtown Phoenix is less than 20 miles away while dining, retail and entertainment options are accessible in Gilbert.
Family Development is also in the process of developing another BTR community in Arizona through a joint venture partnership with Blue Vista Capital Management. Villas Goodyear will be a 151-unit project situated on 13.5 acres.