GTIS Partners has closed on the acquisition of a 13-acre site which is set to become a 144-unit build-to-rent community in Glendale, Ariz. Sonoma Communities will be the co-developer of the project, dubbed Cotton Lane, which has an estimated budget of $43 million.
Cotton Lane is slated to encompass one and two-bedroom single-story rental homes, with common-area amenities that include a resident clubhouse and leasing center, a pool, a fitness center, a central park and walking trails.
Located alongside the Route 303 corridor and adjacent to the city of Goodyear, the property will be close to office and industrial properties within one of Phoenix’s growing commercial hubs. Cotton Lane is expected to meet high demand due to the economic expansion of the corridor in recent years, mentioned Theodore Karatz, managing director of GTIS, in a prepared statement.
President & CIO of GTIS Tom Shapiro added that the firm is looking to expand its footprint on a local and national scale, Cotton Lane marking its third BTR project in metro Phoenix. The portfolio also includes Cadence, a 197-unit community in Mesa, Ariz., expected to open for leasing in the first quarter of 2022, and Queen Creek Commons, a 276-unit community in Queen Creek that will break ground around the same time.