Cadence is owned by GTIS and Harvard Investments and has more than 2,200 units.
With the new phase, 197 rental homes will be added to the mix of for-sale housing and community retail, which have been developed over the past eight years.
Designed to offer attractive features of both single-family and multi-family living, the new phase represents the company’s focus on ground-up development of entire rental communities.
The single-storey homes and private backyards are within a fully designed gated community with on-site management and amenities.
The project units are clustered around an amenity area with a pool, fitness centre and community leasing office.
GTIS Partners founder and president Tom Shapiro said: “We are pleased to continue our commitment to the Phoenix area through this additional Opportunity Zone investment.
“Opportunity Zones, with the economic benefits and job creation they bring to underserved communities, clearly align with GTIS values and exemplify the importance of ESG considerations in the firm’s investment process.”
Located within the larger Cadence master plan, adjacent to single-family for-sale neighbourhoods and a future retail development, the community offers walkability for its residents to commercial services and amenities.
At present, GTIS has invested more than $400m in 11 projects in Qualified Opportunity Zones.
Located in fast growing Sunbelt markets such as Phoenix, Tampa and Charlotte, the projects consist of more than 5,300 residential units and 1.6 million square feet of commercial office and industrial distribution space.