PHOENIX — Phoenix-based real estate investment firm TBBG Investments has completed one acquisition and broken ground on two build-to-rent (BTR) developments in the Phoenix metro area.
In partnership with Denver-based Canopy Real Estate Partners, TBBG has acquired CJ Townhomes for approximately $13.4 million. The 36-unit community in Mesa, Arizona, will be rebranded as The Sonoran Townhomes. The development was completed in 2024 and includes three-bedroom townhomes with attached garages and private yards as well as such amenities as a pool and hot tub, a dog park, fitness center, resident lounge and outdoor gathering areas. This is TBBG’s second acquisition with Canopy in the past twelve months, and TBBG says it is actively pursuing additional opportunities.
TBBG also has broken ground on Biltmore Townhomes, a 10-unit BTR community in the Biltmore submarket of Phoenix. The project is a joint venture with Phoenix-based Basis Development, which is also serving as general contractor. The architect is Jammon Studios, and leasing is expected to begin in late 2027.
Lastly, in partnership with Albuquerque, New Mexico-based Titan Development, TBBG is developing another BTR project in the Phoenix metro: a 132-unit community at 35th and Southern avenues in South Phoenix that has not yet officially been named. TBBG and Titan acquired the 7.8-acre site for approximately $3.8 million in late 2023. The community will consist of two-story townhomes with attached garages. A completion date was not disclosed.