SCOTTSDALE — TerraLane Communities, a developer of rental neighborhoods, has sold two of its build-for-rent assets, TerraLane at South Mountain and TerraLane at Canyon Trails, to Inland Real Estate Acquisitions, a Chicago-based real estate investment trust.
Located in Phoenix and Goodyear, respectively, the two communities comprise a total of 409 single-family rental homes across 32 acres.
“The sale of the South Mountain and Canyon Trails communities fulfills TerraLane’s mission of executing successfully in the build-for-rent sector,” said Steve La Terra, CEO of TerraLane Communities.
“TerraLane is committed to creating technology-forward rental home communities that are well-located and accessible to regional employment, amenities and recreation. This monumental asset sale to Inland Real Estate allows TerraLane to take our platform to the next level by expanding into new markets with additional product offerings.”
TerraLane at Canyon Trails is located at 195 N. 173rd Ave. in Goodyear. The 262-unit community is open and actively leasing homes to new residents.
The community was 85% occupied at the time of sale.
TerraLane at South Mountain is located at 8449 S. 59th Ave. in Phoenix and is also actively leasing. The community includes 147 total homes and was 92% occupied at the time of sale.
The sale was facilitated by Northmarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle through an off-market transaction. Terms of the deal are not disclosed.
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