Tower Capital arranged $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit Build-to-Rent (BTR) community in Phoenix’s West Valley. Tower Capital’s Kyle McDonough, Managing Partner and Co-Founder, and George Maravilla, Partner, arranged the financing on behalf of Zen and 10Y.
“Zen’s development strategy is to deliver a West Valley BTR project that stands out in the market,” said Maravilla. “The developer aims to accomplish that by offering a distinctive, townhome-style, two- and three-bedroom floorplan configuration that features either an office or dual owner suites. That approach is likely to appeal to multiple demographics, including growing families or those seeking to work from home.”
All residences at the two-story townhome-style project include two car garages and floor plans are configured in two layouts averaging 1,420 square feet. One layout features three bedrooms, 2.5 baths with an office, while another encompasses a dual owner suite configuration with 2.5 baths and an office.
Units include solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers and upgraded smart-home features and technology. Each home offers some level of private patio and or yard space and the greater community offers a dog run, BBQ grills, central community pool and clubhouse, and common open space.
The 12-acre site at 83rd and Thomas Road is located in Phoenix’s West Valley, which allows connectivity to both Phoenix and Glendale. The proposed I-10 light rail extension is near the property and will connect residents at Skyview by Zen to downtown Phoenix, as well as the larger Metro area. The site is also within walking distance of the Desert Sky Mall, which features 130 stores and is the premier bilingual shopping center in the area.
Phoenix is a high population and job growth market, serving as the home to eight Fortune 500 companies. The market experienced significant population gains over the past two years and also recorded sizable job gains. The West-Central Phoenix submarket is a highly desirable area. The site is surrounded by a busy commercial and residential area with a mix of small businesses, shopping centers, and residential neighborhoods.
Zen and 10Y was founded by Bala Krishnan, who serves as CEO. The firm invests in real estate deals and its current focus is building ground-up, Build-to-Rent communities and land development in the Phoenix MSA.
