PEORIA, ARIZ. — Marcus & Millichap has arranged the $45.9 million sale of Grandstone at Sunrise, a 140-unit build-to-rent community in the northwest Phoenix suburb of Peoria. Terre Haute, Indiana-based Thompson Thrift was the seller, having developed the property in 2021. The Phoenix Business Journal reports the buyer to be MetLife Investment Management. The sales price equates to $327,500 per unit. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, represented Thompson Thrift in the transaction.
Grandstone at Sunrise is comprised of 70 residential buildings, one amenity building and a resort-style pool. The one- and two-story homes are offered as one-, two- or three-bedroom floor plans. The community is part of Sunrise Promenade, Thompson Thrift Retail Group’s master-planned development. In addition to the pool, Grandstone at Sunrise features a fitness center and dog park all within walking distance to the development’s retail. Studio M was the original architect of the residential community.