Apartment Developer Seals $8.3M Land Deal with City

The City of Maricopa has facilitated a significant land sale for the construction of a new rental community, Saddleback Village at Stonegate, by Plymouth, Minnesota-based Dominium Apartments. This marks the company’s inaugural build-to-rent project in Maricopa.

The 19-acre parcel sold for $8.26 million through the Scottsdale-based brokerage firm, Land Advisors Organization. According to the firm, this development aims to enhance access to affordable housing and align with the increasing retail growth in the area.

Bret Rinehart from Land Advisors Organization represented the seller, Stonegate BFC LLC. He noted that Maricopa has recently been recognized as the fifth-fastest-growing city in the United States, highlighting the urgent need for residential options in the region.

Saddleback Village at Stonegate is designed to foster a pedestrian-friendly environment, featuring walkways and connections to existing and upcoming bike paths. The neighborhood will also provide residents with access to multi-use trails that are planned throughout the city.

While construction has not yet commenced, the developer submitted initial paperwork nine months ago to initiate the process. The project plans to introduce 215 townhome-style rentals, with unit sizes varying from 960 to 1,360 square feet. Each home promises modern amenities, including luxury vinyl plank and carpet flooring, nine-foot ceilings, in-unit washers and dryers, stone countertops, and private backyards.