The Empire Group of Companies Acquires 21 Acres in Vibrant West Valley for a Single-Family Build-to-Rent Community
Land Advisors Organization’s Metro Phoenix homebuilding team facilitated the deal, sees Build-to-Rent popularity continuing, growing beyond state with consumers and institutional capital.
SCOTTSDALE, ARIZONA (April 20, 2021) – Land Advisors Organization’s Metro Phoenix Homebuilding team is pleased to announce the closing of a land sale in the bustling West Valley of Metro Phoenix on behalf of Empire Village at Paseo de Luces, LLC, The Empire Group of Companies. The sale fetched $7.8 million for 21 acres, which will be developed into a single-family Build-to-Rent community. It will be the fourth such development in the West Valley for The Empire Group of Companies.
The project, Village at Paseo de Luces, is planned for approximately 272 units at the E-NEC of 99th Avenue and Van Buren Street in Tolleson, Arizona. The Empire Group of Companies plans to offer single-family, rental homes ranging in size from +/-700 to 1,300 square feet in 1-, 2- and 3-bedroom floorplans. Land Advisors Organization’s homebuilding team of Bret Rinehart and Ryan Semro represented the buyer in the transaction.
“The West Valley is one of the most active markets in Metro Phoenix. With this land purchase, The Empire Group of Companies is eager to develop another exciting single-family, Build-to-Rent community, this one in Tolleson,” Rinehart said. “The metropolitan Phoenix area is ground-zero for the single-family Build-to-Rent concept. Although it’s been well-known in the market and we’ve helped groups like Empire find land for their communities over the past decade what we are seeing today is a new level of popularity from consumers, which is causing enormous interest from builders and investors looking to either grow their market share or break into it in Arizona as well as other growing areas.”
The Empire Group intends to break ground shortly and expects approximately 12 months for construction of the project. The Empire Group of Companies has developed a trio of single-family build-for-rent communities in the West Valley – Village Harvard Crossing in Goodyear; Village Pioneer Park in Peoria; and Village Olive Marketplace in Glendale.
“With markets like Arizona, Atlanta, Charlotte, Orlando, Tampa, Houston and Dallas experiencing high population growth, the Build-to-Rent concept has become a great option for consumers who are new to an area, or for those transitioning from apartment living to a home but need to take this initial step as they wait for more inventory or pricing to stabilize,” said Rinehart. “And, with more capital groups opening up to the notion of financing these projects, we’re seeing a massive surge in interest on the builder and developer side.”
“In metropolitan Phoenix in particular, the Build-to-Rent space has reached an inflection point where institutional investors are viewing these opportunities on a large, programmatic scale,” said Rory Hansen, western regional director for Land Advisors Capital located in Scottsdale, Arizona. “With land values and construction costs rising in Arizona and across the region putting continued pressure on retail homebuyers, Build-to-Rent communities are becoming an attractive asset class.”
Land Advisors Organization’s Metro Phoenix homebuilding team facilitates sales on behalf of landowners with virtually every major home builder in the market. The team specializes in home builder developments, multi-family communities and master-planned communities throughout Arizona.
“In the last several years institutional investors have recognized the Build-to-Rent strategy as viable and have thus become more interested in diversifying their portfolios with these assets, said Michael Zarola, managing director with Land Advisors Capital located in Austin, Texas. “Nationally, we’re finding that capital groups generally fall into one of two categories when it comes to Build-to-Rent: investing as a general partner with a regional or public homebuilder who has purchasing power, subcontractors and a good knowledge of the local market; or as a limited partner often with a multi-family builder/developer/operator who maintains the operational expertise to manage the asset. There are different risks and benefits to each, so the “right fit” is critical.”
About Land Advisors Organization
Founded in 1987, Land Advisors Organization is the nation’s largest land brokerage firm specializing in providing deep market insights to landowners and purchasers for the most comprehensive and effective evaluation of land in markets across the country. By integrating current local market information with cutting-edge technology and geographically specialized professionals, Land Advisors Organization advises clients in identifying and capitalizing on valuable land opportunities in all economic environments. Land Advisors Organization serves landowners and purchasers from offices in Phoenix, Tucson, Casa Grande and Prescott, Arizona; Irvine, San Francisco, Century City, Pasadena, Roseville and San Diego, California; Orlando and Tampa Bay, Florida; Boise, Idaho; Las Vegas, Nevada; Albuquerque, New Mexico; Charlotte, North Carolina; Austin,
About The Empire Group of Companies
For more than 40 years, the Empire Group has been at the forefront of residential and commercial real estate development. The company was founded in Milwaukee, Wisconsin, in the 1970s by Richard J. Felker. His goal was to create innovative structures and communities in a dynamic, fast-growing market that embraced the American spirit of risk-taking and entrepreneurialism. Phoenix proved to be a perfect fit for his vision. Within a few years, he moved the firm to Arizona. The company is now based in Scottsdale. Forty years later and within a market that added 2.5 million new residents during this time period, Empire has become one of the leading real estate development firms in the Valley. It has developed and/or managed more than $1.5 billion in assets while carefully stewarding the hard-earned capital of more than 2,000 unique investors. For more visit builtbyempire.com.
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Media Contact: Patty Johnson, Connections Marketing & Communications
PattyJohnson@Connections-marcom.com or 602.402.2965