MetLife has completed the acquisition of Grandstone at Sunrise, a 140‑unit built‑to‑rent multifamily development located in Peoria, Arizona, paying $45.85 million for the property. The purchase price equates to $327,500 per unit. The community, described in documents tied to the sale as a built‑to‑rent project, is positioned in the Phoenix metropolitan area and was conveyed by Thompson Thrift.
Grandstone at Sunrise sits at 24701 Lake Pleasant Parkway in Peoria. The development comprises 140 units constructed for the rental market rather than for individual resale, a configuration that is specifically identified in the sale materials as built‑to‑rent. The parcel and the complex were part of the transaction between MetLife, a multinational financial services company, and Thompson Thrift, an established developer and investor that sold the community as part of its holdings.
The sale price and unit count are the primary financial details disclosed in the transaction records: a total consideration of $45.85 million and an implied per‑unit valuation of $327,500. No additional financing particulars, such as loan terms or equity partners, were provided in the materials available with the sale notice. The documents list the address and ownership transfer without attaching further operational metrics such as occupancy, rents, or income and expense figures.
Contacts associated with the deal were identified in the transaction listing. Steven Gebing and Cliff David are named as Executive Managing Directors of Investments with Institutional Property Advisors and are included as points of contact in connection with the property listing information. Their titles are supplied in the contact listing; the sale notice does not elaborate on the specific role they played in negotiating, marketing, or closing the transaction.
Photographs tied to the property accompany the sale information and show elements of the Grandstone at Sunrise community and its setting. One image displays the community's entrance sign, identifying the development by name at its front approach. Another image provides an aerial panorama of the complex and the surrounding desert landscape, offering a broad view of the built‑to‑rent development within its Phoenix‑area environment.
Entrance sign for Grandstone at Sunrise, the Phoenix‑area built‑to‑rent community that MetLife acquired for $45.85 million.
Aerial panorama of the Phoenix built‑to‑rent complex and surrounding desert landscape, part of MetLife’s $45.85M acquisition.
The property transaction names MetLife as the buyer and Thompson Thrift as the seller; no parties beyond those two companies are listed as principals in the purchase and sale documents supplied with the notice. The disclosed per‑unit price and aggregate sale amount are the financial particulars that accompanied the ownership transfer record. Other operational or performance statistics for the community were not included in the sale information made available at the time of closing.
The acquisition adds a 140‑unit built‑to‑rent asset to MetLife’s holdings and represents the transfer of a purpose‑built rental community in the Peoria submarket of the Phoenix metropolitan region. The address for the development is recorded as 24701 Lake Pleasant Parkway, Peoria, Arizona. Contact names provided with the transaction listing include Steven Gebing and Cliff David of Institutional Property Advisors, recorded as Executive Managing Directors of Investments. The transaction and property details were documented in the sale notice filed in conjunction with the transfer.