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PEORIA, ARIZ. — Thompson Thrift has completed the sale of Grindstone at Sunrise, a build-to-rent multifamily community in Peoria, to an undisclosed buyer for $45.8 million, or $327,500 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Completed in 2021, Grindstone at Sunrise features 140 one- and two-story homes in one-, two- and three-bedroom floor plans spread across 70 residential buildings. Units offer open-concept living spaces, 10-foot or higher ceilings and an average unit size of 1,069 square feet. The community also includes an amenity building, resort-style swimming pool and spa.