Sunstone Two Tree Expands Build-To-Rent Projects in Phoenix
Sunstone Two Tree, a prominent developer and operator specializing in rental housing across major markets in the United States, has recently made substantial strides in its Phoenix build-to-rent (BTR) portfolio. As demand for rental housing continues to rise, the company is set to deliver homes across new communities aimed at addressing the housing needs of the millennial generation.
In a strategic move, Sunstone is now in the process of rolling out homes across three additional communities in Phoenix. When fully completed, these projects will add over 550 new rental homes to the market, providing much-needed living spaces in a competitive rental landscape. Apart from the new homes, the company has also acquired a significant 20.86-acre parcel in Buckeye, where plans are underway to develop a 238-unit BTR community. In another key action, the company has officially begun construction on a BTR project in Mesa, expanding its footprint further.
Scott Maddux, the CEO of Sunstone Two Tree, explained the rationale behind these initiatives, stating, "The rental market in the Phoenix metropolitan area has faced significant pressures in recent years, leading to an oversaturation that impacts operational stability. However, we believe there is a distinct gap for rental options that cater to the increasing number of millennials, who find themselves unable to transition into homeownership due to current economic conditions. Our developments offer spacious three and four-bedroom homeswith modern amenities that meet this need."
The three new communities marking Sunstone's latest expansion include developments in Waddell, Tolleson, and Phoenix. In September 2023, plans for these communities were announced, and construction commenced shortly thereafter. The project in Waddell, named Ironwood Homes at the Rosefield, is particularly ambitious, spanning 29 acres and aiming to deliver a total of 320 homes, with 132 already completed and the remainder expected by next year.
In Tolleson, Sunstone's community, known as Villas on Van Buren, has seen 53 of the 143 planned townhomes delivered. Meanwhile, at the Villas at 91st community in Phoenix, all 88 three-bedroom townhomes have been completed along with shared amenities, enhancing the neighborhood's appeal.
A notable collaboration with Capital Square has enabled Sunstone to secure a new plot located at the intersection of N. Jackrabbit Trail and W. Blue Horizons Parkway in Buckeye. This site is earmarked for the development of a 238-unit BTR community, with construction set to kick off shortly. Progress is also underway on another BTR project in Mesa, reinforcing the company's commitment to expanding affordable housing options.
One of the defining features of Sunstone's build-to-rent communities is the combination of detached single-family homes or modern townhomes, which offer attached garages and private outdoor spaces. Residents can also benefit from a range of amenities including inviting pools, fitness centers, and recreational areas, ensuring a vibrant living experience. Enhanced management services on-site further add convenience to the residents.
Sunstone Two Tree has actively operated in Arizona since 2020 and has recently invested in better supporting its growing initiatives within the state. The opening of a new office in Scottsdale marks its second operational location outside of its headquarters based in Los Angeles, emphasizing its commitment to fostering growth and engagement in local markets.
About Sunstone Two Tree: Sunstone Two Tree is a dynamic real estate operator and developer focused on creating and managing rental housing in high-growth regions across the United States. Formed in 2023 through a merger that combined the strengths of Sunstone Properties Trust and Two Tree Capital, the company is dedicated to enhancing community living through innovative and affordable rental solutions. By acquiring, renovating, and developing rental spaces, Sunstone Two Tree carefully aligns its projects with the needs of today’s renters.
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Frequently Asked Questions
What new projects is Sunstone Two Tree currently developing?
Sunstone Two Tree is focusing on three new communities in Phoenix including projects in Waddell, Tolleson, and Phoenix.
How does Sunstone address the rental needs of millennials?
By offering spacious homes with modern amenities that cater to those who are unable to purchase homes due to high costs.
What amenities are available in Sunstone's communities?
The communities feature pools, fitness centers, parks, and sports courts, ensuring a holistic living experience.
When is construction expected to begin on the Buckeye project?
Construction on the new Buckeye community will commence soon, adding to the company's expanding portfolio.
What distinguishes Sunstone Two Tree from other rental developers?
Sunstone combines extensive experience with a commitment to affordable housing solutions in high demand areas, thus addressing gaps in the rental market.
