Westlake Village, California-based Sunstone Two Tree, a developer and operator of rental housing communities, announced plans to develop three new build-to-rent (BTR) communities that will add more than 550 single-family rental homes to the Phoenix metropolitan area.
Sunstone Two Tree now has nine BTR communities totaling close to 1,500 units in various stages of development in Arizona. The company said the new communities will be maintained by on-site property management companies.
“The current economic situation is not only pushing homeownership further out of reach for so many individuals and families, but it is making it even more difficult for developers and builders to add much-needed inventory to the market,” said Scott Maddux, president of Sunstone Two Tree. “We are pleased to start these three new projects despite significant headwinds in the current economic environment. These communities combine the benefits of single-family living (larger units, dedicated parking, private yard space) with the advantages of renting (flexibility, amenities and minimal maintenance responsibilities). The combination of those two qualities really serves to meet the evolving demands of today’s residents.”