The Mulberry’s master lease with The Athletics rolls in a controlled fashion with four homes per month from January through April 2027, with a 3.7% contractual rent increase in February 2026 (from $2,550 to $2,644). The structure shields the asset from projected negative to flat rent growth through 2026, with expirations beginning in 1Q 2027 as the submarket returns to positive rent growth and new supply is absorbed. This timing creates runway to re-lease at higher rents in a rising market, limit concessions, implement a Smart Home Package fee and other revenue enhancers, and benefit from a staggered, de-risked expiration schedule that supports outsized rent growth.

Purpose-built for today’s discerning renters, Mulberry Townhomes combines the operational efficiency of multifamily assets with the premium appeal of single-family living. This BTR model achieves elevated rents and lower turnover costs, and offers long-term investors strong, stable cash flow supported by high renter demand.

Homes such as Mulberry Townhomes achieve rents 34% higher than garden-style apartments and 8% higher than cottage-style BTR in Metro Phoenix, driven by larger layouts, added privacy, and longer resident tenure with stabilized occupancy rates exceeding conventional multifamily averages. 

The Mulberry’s submarket represents a structurally supply-constrained rental townhome market, with only 65 townhome units currently in lease-up or under construction. Additionally, just ±6.7% of the Phoenix Metro’s existing BTR/SFR inventory is located in Mesa. This limited competitive supply supports stronger rent retention and pricing power, positioning The Mulberry to benefit from sustained demand in an undersupplied East Valley submarket.

Rising interest rates and elevated home prices have widened the affordability gap for homeownership, strengthening demand for Townhome rentals. At Mulberry Townhomes, market rents provide a $647 monthly discount to the cost of owning, making it an attractive option for well-qualified renters unable or unwilling to buy.

The immediate area features an average household income over $100,000, with 64% white-collar employment and impressive educational attainment. Northern Farms is surrounded by top-rated public and charter schools, enhancing its appeal to families and underpinning a stable, high-quality renter base.

Mulberry Townhomes offers a central, transit-rich location just two to four miles from the US-60, Loop 101, and Loop 202, and 1.5 miles from the Center/Main St light rail station, providing exceptional regional connectivity. The property enjoys direct access to major employment corridors including North Tempe, South Scottsdale, ASU Research Park/Discovery Business Center, Sky Harbor, and Downtown Phoenix. Within a 30-minute drive, residents can access over 1.25 million jobs. 

Phoenix is one of the nation’s fastest-growing metros, driven by massive employment investments like TSMC’s $165 billion semiconductor campus and $5.5 billion LG Energy Solution manufacturing complex creating robust job creation.