TerraLane Communities is selling two build-to-let assets
Compiled by Matt Loeschman
SCOTTSDALE — TerraLane Communities, a developer of rental neighborhoods, has sold two of its rental assets, TerraLane in South Mountain and TerraLane in 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 spread over 32 acres.
“The sale of the South Mountain and Canyon Trails communities fulfills TerraLane’s mission to successfully execute in the build-to-let business,” said Steve La Terra, CEO of TerraLane Communities.
“TerraLane is committed to creating state-of-the-art rental housing communities that are conveniently located and accessible to local jobs, 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. at Goodyear. The 262-unit community is open and actively renting homes to new residents.
The community was 85% occupied at the time of the sale.
TerraLane at South Mountain is located at 8449 S. 59th Ave. in Phoenix and is also actively renting. The community comprises 147 homes in total and was 92% occupied at the time of the sale.
The sale was facilitated by Northmarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle in an off-market transaction. Terms of the agreement are not disclosed.