GTIS Partners LP (GTIS) has closed on Queen Creek Commons, a residential build-to-rent project located in Queen Creek, Ariz., 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 million.
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, Ariz. The Queen Creek submarket is one of the most affluent in the area, with median household incomes of $83,000 compared with the median of $58,000 across the wider MSA. Additionally, the site is just seven 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
