Institutional Property Advisors Brokers $45.85M Sale of Build-to-Rent Multifamily Asset in Peoria, Arizona

PEORIA, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) and a leading commercial real estate brokerage firm specializing in investment sales and financing, has brokered the $45.85 million sale of Grandstone at Sunrise, a 140-unit build-to-rent multifamily property in Peoria, Arizona, the firm announced April 29, 2026. The sales price equates to $327,500 per unit.

Transaction Details and Brokerage Team

Steve Gebing, IPA executive managing director investments, and Cliff David, IPA executive managing director investments, represented the seller, Thompson Thrift, and procured the buyer in the real estate acquisition. The identity of the buyer was not disclosed.

"Shifting lifestyle preferences and a growing desire for flexibility without sacrificing quality have helped make Greater Phoenix a leading market for build-to-rent housing," said Gebing. "Grandstone at Sunrise provides exceptional single-family residential living without the burden of homeownership in one of the Valley's most affluent suburbs."

Property Overview: Grandstone at Sunrise

Completed in 2021, Grandstone at Sunrise comprises 70 residential buildings and one amenity building situated at 28450 N 113th Ave in Peoria, Arizona. The multifamily real estate community offers one-, two-, and three-bedroom floor plans across one- and two-story homes, with open-concept living spaces and ceilings of 10 feet or higher. The average unit size is 1,069 square feet, with total estimated rentable square footage of approximately 149,660 square feet across the 140 homes. Community amenities include a resort-style swimming pool and spa.

The property is located within walking distance of 1.6 million square feet of retail real estate and dining options at lifestyle centers positioned at all four corners of the intersection of Happy Valley Road and Lake Pleasant Parkway — a node that underscores the asset's embedded retail real estate access as a demand driver for residents.

Location and Employment Access

Grandstone at Sunrise offers direct access to the Loop 303/Bob Stump Memorial Parkway, connecting residents to Taiwan Semiconductor Manufacturing Company and Amkor Technology's flagship facilities. The property also sits near the Deer Valley Corridor and I-17 employment corridors, home to major employers including USAA, HonorHealth, BlueCross BlueShield of Arizona, Wells Fargo, and Farmers Insurance.

The concentration of technology and healthcare employers in the surrounding submarket has contributed to sustained rental housing demand in the northwest Valley, positioning build-to-rent assets like Grandstone at Sunrise as a preferred housing option for workers seeking single-family-style living without the financial commitment of homeownership.

Market Context: Build-to-Rent Demand in Greater Phoenix

The transaction reflects broader momentum in the Greater Phoenix build-to-rent sector, where lifestyle shifts and elevated homeownership costs have driven institutional capital toward single-family rental communities. IPA's commercial real estate financing and investment sales platform has been active across Sun Belt multifamily real estate markets, with the firm's combination of capital markets expertise and research capabilities cited as central to its institutional property advisory services.

Thompson Thrift, the seller, developed Grandstone at Sunrise as part of its build-to-rent multifamily real estate portfolio. The disposition represents a stabilized exit from a 2021 development in one of the Phoenix metro's fastest-growing suburban corridors.

IPA, as a leading commercial real estate brokerage firm specializing in institutional investment sales, financing, research, and advisory services, facilitated the real estate acquisition on behalf of both parties through its North American platform.

Sources: Institutional Property Advisors Press Release, April 29, 2026