Dealmaker: Northmarq Completes $53M Build-to Rent Community Sale

(250 North Ellsworth Road–The Logan at Ellsworth–Mesa, Ariz.)

Northmarq, Minneapolis, brokered the $53 million sale of a 144-unit Build-to-Rent Community in Mesa, Ariz.

Northmarq’s Phoenix investment sales team led by Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca represented seller Taylor Morrison, Scottsdale, Ariz. Ellsworth Housing Partners LLC, San Diego, acquired the property at 250 North Ellsworth Road and said it intends to brand the community as The Logan at Ellsworth.

Built in 2022, 250 North Ellsworth Road is a private-gated smart home community that rents like a traditional multifamily asset but offers residents a lower density, single-family home lifestyle. The community includes 58 one-bedroom units and 87 two-bedroom units. Parking options include 20 detached garages, as well as 168 covered and 137 uncovered spaces.

Koskovich noted renters value these types of multifamily communities, “especially high-income households who have increasingly turned to the rental market in recent years as they have faced challenges looking for single-family for-sale housing.”