Inland Group Buys Phoenix SFR for $62M in All-Cash Deal

This acquisition brings the company's local footprint to nearly 2,700 units.

Inland Real Estate Group has acquired Onyx at Westgate, a 190-unit single-family rental asset in Glendale, Ariz., from Cavan Cos. The deal brought the company’s local footprint to nearly 2,700 units. Berkadia brokered the all-cash $62 million transaction on behalf of the seller, according to Yardi Matrix data.

Cavan broke ground on the project in 2020. Lument originated $29.5 million in construction financing in 2019, the same source shows.

Formally known as The Bungalows at Westgate, the built-to-rent community is at 7403 N. 91st Ave., less than 2 miles from Arizona State Line 101 and roughly 5 miles from downtown Glendale. Westgate Entertainment District, located less than 1 mile away, provides residents with dining, retail and entertainment options.

Comprising some 161 buildings across more than 17 acres, Onyx at Westgate features a unit mix with one-, two- and three-bedroom floorplans ranging between 674 and 1,355 square feet. All residences have washers and dryers, 10-foot ceilings, oversized windows, stainless steel appliances and kitchen quartz counters. Community amenities include a clubhouse, barbecue area, swimming pool and park area.

The Greater Phoenix BTR market boasted more than 32,800 units as of February, roughly 11 percent of the total national portfolio, according to Yardi Matrix data.

More than 7,300 BTR units were underway in The Valley’s development pipeline at the time, the same data provider shows. One of the ongoing projects, a 102-unit single-family rental development in Waddell, Ariz., broke ground in December.

You May Also Like