GTIS Partners LP (“GTIS”), a real asset investment and development firm based in New York, today announced closing on Queen Creek Commons, a residential build-to-rent project located in Queen Creek, AZ within the Phoenix MSA. The Project will be developed in-house by GTIS with Sonoma Communities, a Phoenix based developer, serving as its co-developer. The Project is estimated to have a budget of approximately $65,000,000.
The Queen Creek Commons site is located within the highly desirable Southeast Valley portion of Phoenix, 40 miles southeast of Downtown Phoenix and 20 miles away from the employment hubs in Chandler and Gilbert, AZ. The Queen Creek submarket is one of the most affluent in the area, with median household incomes of $83k compared to the median of $58k across the wider MSA. Additionally, the site is just 7 miles south of the Cadence Master Planned Community, a 570-acre community being developed through a Joint Venture between GTIS and Harvard Investments, where GTIS is self-developing and currently under construction on a 197-unit build-to-rent community as a part of its GTIS Qualified Opportunity Zone Fund I.
You can now read the full press release at the link below