Tower Capital arranged $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit Build-to-Rent (BTR) community in Phoenix’s West Valley. Tower Capital’s Kyle McDonough, Managing Partner and Co-Founder, and George Maravilla, Partner, arranged the financing on behalf of the sponsor.
The financing allows the sponsor to execute its development strategy and deliver a West Valley BTR project that stands out in the market. The developer aims to accomplish that by offering a distinctive, townhome-style, two- and three-bedroom floorplan configuration that features either an office or dual owner suites. That approach is likely to appeal to multiple demographics, including growing families or those seeking to work from home.
The sponsor acquired the West Valley site at 2627 N. 83rd Ave. in 2023. Construction on the townhome project is underway with the first units expected to be delivered in October 2025.
All residences at the two-story townhome-style project include two car garages and floor plans are configured in two layouts averaging 1,420 square feet. One layout features three bedrooms, 2.5 baths with an office, while another encompasses a dual owner suite configuration with 2.5 baths and office.
Units include solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers and upgraded smart-home features and technology. Each home offers some level of private patio and or yard space and the greater community offers a dog run, BBQ grills, central community pool and clubhouse, and common open space.
The 12-acre site at 83rd and Thomas Road is located in Phoenix’s West Valley, which allows connectivity to both Phoenix and Glendale. The proposed I-10 light rail extension is near the property and will connect residents at Skyview by Zen to downtown Phoenix, as well as the larger Metro area. The site is also within walking distance of the Desert Sky Mall, which features 130 stores and is the premier bilingual shopping center in the area.
