Curve Development, an entity funded by New York-based private equity firm JEN Partners, has broken ground on Cyrene at Skyline, a 102-unit single-family rental project in Waddell, Ariz., near Phoenix. Pre-leasing at the property is expected to start in March 2024.
The development will comprise one- and two-story residences with three- and four-bedroom floorplans. Planned amenities at the property include a swimming pool, a fitness center and barbecue areas, along with ample green spaces.
Located at 18096 W. Olive Ave., the 11-acre lot is close to Highway 303 and roughly 30 miles northwest of downtown Phoenix. The property is some 7 miles from the Luke Air Force Base and 4 miles from the Wildlife World Zoo Aquarium & Safari Park.
Curve currently has nine built-to-rent projects throughout the U.S. under various stages of development, for a total of more than 1,300 units. Recently, the firm sold one such property in the Phoenix metro area for nearly $26 million.
As of July, rents for single-family assets registered a 2.5 percent year-over-year drop in Phoenix reaching an average of $2,077, with occupancy also declining by 1.1 percent, according to a recent Yardi Matrix report. As for development, 5,892 residences came online in the metro in 2023’s first seven months, accounting for 1.8 percent of stock, double the national delivery rate, the same source shows.
