UrbanStreet Group Buys Land for Phoenix-Area BTR Project
Preliminary work is already underway at the 307-unit development.
The Douglass ar Goodyear Airport Commons. Image courtesy of Northmarq
UrbanStreet Group has purchased The Douglas at Goodyear Airport Commons, a 16.9-acre parcel approved for the construction of a 307-unit built-to-rent community, in Goodyear, Ariz. The transaction closed for $14.5 million. Northmarq and ABI Multifamily represented the seller, Blueprint Capital.
Located at 14935 W Van Buren St., the site is close to Interstate 10 and near Loop 303. It is also roughly 20 miles west of Phoenix and some 3 miles from Phoenix-Goodyear Airport. There are multiple spots with high concentrations of retail and dining options in close proximity.
ABI Multifamily Vice Presidents Patrick Burch and John Klocek led the team that facilitated the transaction. The Northmarq group that represented the seller consisted of President Trevor Koskovich and Vice President Ryan Boyle, along with Managing Director Jesse Hudson and Senior Associate Logan Baca.
Hudson stated in prepared remarks that the purchase represents UrbanStreet Group’s entry into the Phoenix market and that the developer has already started work on land improvements. In December, the same Northmarq team facilitated a $33.5 million transaction for a multifamily community in suburban Phoenix, as well as the $22.3 million acquisition of a property in the metro’s north.
