TruGold: Hybrid Rental Product Planned for Loop 303 Corridor

by Mike Hunter

Trugold

On a 22.99-acre site in Surprise, Ariz., that it purchased for $3.65 million, NPC Trugold LLC plans to develop a hybrid product, which is single-family residences used as rentals. The sale of this parcel located at Cotton Lane and Sweetwater Avenue is significant as it is one of the first multi-family acquisitions on the west side of the Loop 303 in the emerging Loop 303 corridor.

The sale was arranged on behalf of the seller by Mike Schwab, Bret Rinehart, Ryan Semro and Ben Heglie of Land Advisors Organization Scottsdale who specialize in home builder developments and master planned communities throughout Arizona.

“The project, TruGold, will bring the hybrid rental product that has been successful across the Valley to the Loop 303 corridor in Surprise,” Rinehart says. “We expect the success of this project to match that of several existing communities located east of the Loop 303 in Surprise. This site is strategically located with easy freeway access, it is in close proximity to retail and major employers as well as regional amenities including the White Tank Mountain Regional Park.”

Land Advisors continues to advise clients on this product type and is working on several additional complementary projects in the area.

According to Hancock Communities, which handled all the predevelopment, site plan and zoning work on this project, TruGold will consist of 245 luxury, one- and two-bedroom rentals. With Tuscan and Santa Barbara flair, this community will include a gorgeous pool, spa and covered ramada with linear fireplace and outdoor TV viewing – along with large open green spaces with shaded picnic areas.

The project broke ground early last month and will be completed in September 2022.

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