Met Life acquired a 140-unit build-to-rent community in Peoria for $45.8 million. Thompson Thrift was the seller of the Grandstone at Sunrise, which sold for $327,500 per unit. IPA’s Steve Gebing and Cliff David brokered the deal.
Completed in 2021, Grandstone at Sunrise has 70 residential buildings, one amenity building, and a swimming pool and spa. The one- and two-story homes have one-, two- and three-bedroom floor plans, open-concept living spaces, and 10-foot or higher ceilings. The average unit size is 1,069 square feet.
The property is within walking distance of 1.6 million square feet of retail and dining at lifestyle centers on all four corners of the intersection of Happy Valley Road and Lake Pleasant Parkway. Residents have direct access to the Loop 303/Bob Stump Memorial Parkway, which connects Taiwan Semiconductor Manufacturing Company and Amkor Technology’s flagship facilities.
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