Northland’s Strategic Investment Leverages Historic Demand for BTR Homes
January 26, 2022
By Lisa Brown
Northland recently acquired Parke Place, a newly constructed residential community in Prescott Valley that offers standalone residences, a new asset class for the firm. This strategic investment leverages the historic demand for build-to-rent homes, currently one of the best-performing U.S. housing asset classes.
Parke Place features 145 single-family rental homes and duplexes with one-, two- and three-bedroom options in standalone and side-by-side style buildings with private fenced-in yards. The development spans 13 acres.
This marks Northland’s seventh community in Arizona and its second in the Prescott market following the acquisition of the nearby Homestead Talking Glass apartment community in November 2021.
“We’re thrilled to continue the expansion of Northland’s portfolio in thriving northern Arizona,” said Mike Campbell, Northland’s associate vice president of investments. “Parke Place is an ideal addition to our residential portfolio as it provides a unique blend of single-family living within an amenity-rich community. Not only does Prescott continue to see strong economic activity, the area also offers residents the opportunity to enjoy an active downtown lifestyle amid Arizona’s stunning landscape.”