The first set of units for Town Germann, a build-to-rent community in Arizona is now complete. Family Development partnered with Mosaic to break ground on the project last year, after securing a $41.7 million construction loan. Although the project will be open to residents this spring, pre-leasing has already commenced at the luxury community.
Town Germann was developed at the intersection of Lindsay Road and Germann Road, on a parcel spanning 14.5 acres. According to Ron Gonski, Mosaic’s SVP of Growth, the location of the project in the Phoenix metro area is quite favorable. Especially since, the region continues to be a hub of job creation, which brings an influx of families and higher-income tenants. He pointed out that this influx has resulted in an increased demand for mid to upper-level rental housing.
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Development plans for the Town Germann community
Once the Town Germann community reaches full build-out it will consist of 209 luxury townhomes in total. The units will be spread across 42 different buildings which include a mix of two and three bedrooms.
Their sizes range between 1,192 to 1,379 square feet, with prices set between $2,600 and $2,900. Additionally, Residents will also enjoy access to 2 bathrooms, a powder room as well as two-car attached garages. The property also includes luxury facilities such as a pool, spa, fitness center, grilling stations, parks, and walking trails.
A Principal of Family Development, Vince Barbato said Town Germann was a gated community that offers residents privacy. Barbato described the property as a prime location, with spacious rooms, and open floor plan designs. He said it’s suitable for those who want luxury living, but don’t want to be homeowners.
Besides the highly desirable amenities, Town Germann is also in close proximity to major freeways, including the nearby 202. Therefore, the property provides convenient access for commuters and links them to nearby shopping, entertainment, recreational venues, and medical providers.