California firm acquires build-to-rent development in Phoenix area Article originally posted on CoStar on September 16, 2024 Sanctuary on 51st, a 217-unit build-to-rent development in the Laveen Village neighborhood of Phoenix, has sold for $61.4 million. Arizona-based Brown Group sold the property, located at 7100 S. 51st Ave., to Brunton Management in Newport Beach, California, in August for $282,949 per unit. Sanctuary on 51st was more than 96% occupied at the time of sale. Asking rent per unit is $1,940, according to CoStar data. The development offers floor plans with one, two and three bedrooms that average 1,055 square feet each. Amenities include private patios or backyards, gourmet kitchens with stainless steel appliances, in-unit washers and dryers, a fitness center, swimming pool and outdoor fire pit area. For the record The seller was represented by Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne and Senior Directors Spencer Scott and Andrew Curtis of Berkadia Phoenix.