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BTR Daily - October 7, 2025 - Northmarq closes sale of Arizona BTR

BTR Daily - October 7, 2025 - Northmarq closes sale of Arizona BTR

NextWave buys Glendale BTR. Material Capital, Bluerock break ground on $78M project. Empire Group lands $100M. SFR strengthens with higher yields and improved retention. Two new BTR deals.

Matt H & Aid Sopjani
October 07, 2025

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NEWS ROUNDUP

DISPOSITION: Northmarq closes sale and $21.7 million financing of Arizona BTR community. Northmarq has successfully arranged the sale and financing of Solana Place at Carlton Commons, a 113-home BTR community in Casa Grande, Arizona. The newly built community, completed in 2023, was sold for $30 million. Northmarq’s Logan Baca, Trevor Koskovich, Jesse Hudson, and Ryan Boyle represented the seller, while Griffin Martin of Northmarq’s Debt & Equity team arranged a $21.75 million Fannie Mae loan for the buyer.

ACQUISITION: NextWave buys Glendale BTR community for $23.5 million. NextWave Investors has acquired Ascension at Manistee Ranch, a 71-unit BTR community in Glendale, Arizona, for $23.5 million. Kinella Capital had picked up the stalled, foreclosed project from Trez Capital in January 2024, completed the development, and brought it near stabilization before the sale.

DEVELOPMENT: Material Capital, Bluerock break ground on $78 million BTR project. Material Capital Partners and institutional investor Bluerock have begun construction on Harmony at Clear Creek, a 188-unit BTR community in Shawnee, Kansas, after securing $77.8 million in construction financing from Bank OZK. Construction is being led by Winchester Commercial Group. First units are expected by October 2026, with full completion slated for February 2028.

FINANCING: Empire Group lands $100 million for BTR projects in Indiana and Colorado. Empire Group has secured over $100 million in construction financing for two new BTR communities totaling 378 units in Westfield, Indiana and Colorado Springs, Colorado. “We’re excited to bring the quality, design, and lifestyle amenities that are hallmarks of Empire’s BTR communities,” said Randy Grudzinski, partner at Empire Group.

READ: SFR strengthens with higher yields and improved retention.