217
2023
1,055
Units
Built
Avg SF
The Opportunity
Berkadia is pleased to present Sanctuary on 51st, a 217-unit horizontal Build-to-Rent (BTR) community located in Laveen, AZ. Built in 2023, Sanctuary on 51st offers a desirable selection of one-, two-, and three-bedroom single- and two-story apartment homes in a growing Class A suburban market. Each unit boasts well-designed floor plans with nine-foot ceilings, smart home systems and private fenced-in yards and patios. The community also features best-in-class amenities including a first-rate clubhouse, expansive fitness center, resort-style pool and spa, and direct access to the Laveen Conveyance Channel via pedestrian gates. Within inflated mortgage payments and limited resale opportunities, the demand for build-to rent properties remains strong, allowing investors to benefit from higher rent levels compared to traditional communities.
The property’s South Phoenix address offers residents a suburban lifestyle while being minutes from the vibrant employment and lifestyle opportunities in Downtown Phoenix. Additionally, it’s convenient location along the new Loop 202 freeway provides easy access to various, diverse employment hubs in the east and west valleys, spanning industries such as financial services, technology, healthcare, manufacturing, shipping, and logistics.
Price: To be Determined by Market
EMBASSY SUITES DALLAS PARK CENTRAL AREA
Premier Build-To-Rent Community with Unmatched Amenities
Sanctuary on 51st offers a low-density, build-to-rent community, featuring a distinctive blend of single-story apartment homes and carriage units with attached garages. With a focus on delivering an exceptional living experience, Sanctuary on 51st offers amenities that rival those of luxury apartment complexes, including a clubhouse, fitness center, and resort style pool with cabanas. Residents can enjoy the best of both worlds – the privacy and comfort of a home combined with the convenience and luxury of apartment living.
Limited Resales & Rising Mortgage Rates Bolster BTR Demand
Recent homes in the surrounding neighborhoods range from $435,000 to over $451,000, requiring a monthly payment of $2,800 to over $2,900, making owning a home significantly more expensive than renting in the area. Declining home ownership affordability and limited resale opportunities should continue to create demand tailwinds for Sanctuary on 51st’s unique build-to-rent housing.
New Loop 202 Provides Tremendous Connectivity to Diverse Range of Durable and Expanding Employment
Sanctuary on 51st enjoys a prime location within the city of Laveen, approximately one-mile east of the Loop 202 freeway, providing residents with exceptional access to the metro's major employment centers across the East & West Valleys. Within a 30-minute commute, residents can easily reach over ±980,000 jobs in notable employment corridors including Downtown Phoenix, the Southwest Valley Industrial Corridor, and Chandler’s Price Road Corridor. The Price Road Corridor is home to Intel’s Ocotillo campus which is slated to open two new leading-edge chip factories in 2024 as part of a $20M expansion. The expansion will create another 3,000 high-wage tech jobs and support 15,000 indirect jobs.
Suburban Lifestyle Close to Urban Areas & Outdoor Recreation
Sanctuary at 51st offers the perfect balance of suburban living and convenient access to the vibrant amenities, employment opportunities, and entertainment options in Downtown Phoenix. Moreover, the community’s proximity to South Mountain Regional Park offers a wide range of recreational activities for outdoor enthusiasts. This expansive park spans over 16,000 acres, boasts three mountain ranges and consists of over 50 miles of trails.
Exceptional Neighborhood Convenience
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CONTACT US
Mark Forrester
Senior Managing Director 602.526.4800 mark.forrester@berkadia.com
Investment SALES
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Sanctuary on 51st is conveniently located adjacent to Laveen Village Marketplace, offering residents walkability to Fry’s Food & Drug, Home Depot, and Chipotle Mexican Grill. Within one-mile of the community, numerous retail centers along Baseline Road provide a range of conveniences including Safeway, ALDI, Sprouts, LA Fitness, TJ Maxx, and a plethora of national chain restaurants and local favorites. As Laveen continues to grow as a suburban hub for families, retail development has followed suit. Exciting new developments like Laveen Park Place, Laveen Spectrum, and Vestar’s $130 million Laveen Towne Center will bring over 500M square feet of new retail space with high-profile tenant announcements Harkins, EOS Fitness, and In-n-Out Burger.
Maricopa Country led the nation in net migration in 2022, adding 56,831 residents, as Phoenix’s competitive advantage regarding cost, talent, quality of life, and business-friendly regulatory environment have helped fuel strong job growth. Phoenix is one of the most rapidly expanding high-tech job markets in the nation as companies such as TSMC, Intel, and LG committed to invest a combined $67 billion. These investments alone combine for roughly 18,000 new high-wage manufacturing jobs over the next few years.
Top Growth City Fueled by Net Migration
Andrew Curtis
Director 602.571.4190 andrew.curtis@berkadia.com
Jared Glover
Director 702.522.2729 jared.glover@berkadia.com
Ric Holway
Senior Managing Director 602.828.0074 ric.holway@berkadia.com
Dan Cheyne
Managing Director 602.327.4447
dan.cheyne@berkadia.com
Kristin Watson
Operations Director 602.445.167
kristin.watson@berkadia.com
MORTGAGE BANKING
Michael Slovitt
Managing Director 312.636.5322 michael.slovitt@berkadia.com
Grant Bailey
Real Estate Analyst 312.845.5160 grant.bailey@berkadia.com
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7100 S. 51st Avenue | Laveen Village, AZ 85339
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High Resident Demographics
Boasting an average household income of $±100,000, Sanctuary on 51st's affluent resident base promotes long-term rental growth. The current rent to income ratio stands at only 22%.
Award-Winning School District
Sanctuary on 51st is located within the Laveen Elementary School District, which serves approximately 7,500 students. The district maintains a favorable student-teacher ratio of 17:1, ensuring personalized attention for students. Laveen schools have earned a reputation for excellence in education, with numerous accolades and recognition for their outstanding performance.
Sanctuary on 51st recently completed a successful lease-up, witnessing strong leasing velocity. To hedge against the robust 2024 pipeline, the property implemented a long-term leasing strategywith ±58% of current leases 15 months or longer.
NEWLY STABILIZED COMMUNITY WITH SUCCESSFUL LEASE-UP STORY
EMBASSY SUITES DALLAS PARK CENTRAL AREA
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