PHOENIX, GLENDALE AND TOLLESON, ARIZ. — Sunstone Two Tree, a vertically integrated operator and developer based in Westlake Village, California, plans to develop three build-to-rent (BTR) communities in Arizona. Altogether, the three developments are slated to cost $195 million to construct and will add 551 single-family rental units to metro Phoenix.
Sunstone Two Tree acquired a 29-acre lot at the southeast corner of Northern Pkwy. and N. Sarival Ave. in Glendale. The company will develop a 320-unit project on the site in partnership with Richmond, Virginia-based Capital Square. The community will include 102 detached single-family homes and 218 townhomes. Amenities will include a pool, fitness center, parks, barbeque grills, gated entry and sports courts. The partnership plans to break ground on the property in October.
The developer has also recently broken ground on a 143-unit community in the western Phoenix suburb of Tolleson. The 7.7-acre community will offer three-bedroom, two-story townhome units with an average size of 1,350 square feet. Each unit will include a two-car garage and private yard.
Finally, Sunstone Two Tree has received approval to construct a BTR community on the northwest corner of S. 91st Ave and W. Lower Buckeye Rd. in Phoenix. The project will comprise 88 three-bedroom townhomes on a 5.7-acre site. Amenities will include pickleball courts, green spaces, playgrounds, a clubhouse, pool, fitness center and dog run.