By Angela Gonzales | Phoenix Business Journal
Scottsdale-based Keystone Homes sold its first build-to-rent project and now has four more in the pipeline totaling $197 million in development costs.
A year after completing construction, the 147-unit luxury rental community on 12 acres in Fountain Hills was more than 90% occupied when Keystone sold it to Washington-based Private Portfolio Group for $68.3 million.
When the Havenly Fountain Hills transaction closed, monthly rental rates ranged from $2,090 for a 722-square-foot one-bedroom unit to $3,570 for a 1,612-square-foot 3-bedroom unit, said Jim Belfiore, chief strategist for Keystone Homes.
While developers have been building these build-to-rent communities across the Valley, this was the first build-to-rent community approved in Fountain Hills, Belfiore said.
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