Their Branded Single-Story Rental Communities Set a High Bar
PHOENIX, Aug. 26, 2021 /PRNewswire/ -- Christopher Todd Communities, one of the nation's leading innovators in the Build-to-Rent (BTR) housing segment, sold two of their wildly popular Phoenix metro Single-Story Rental Communities with a 5 Star lifestyle experience.
We've been able to craft a community experience that is unparalleled in the industry. - Todd Wood
Christopher Todd Communities At Estrella Commons, a 286-home community located in Goodyear, Ariz., and the 222-home Christopher Todd Communities On Happy Valley in Peoria, Ariz. were purchased by an affiliate of The Inland Real Estate Group of Companies, Inc., the firm's sixth and seventh acquisition of Build-to-Rent communities developed and owned by Christopher Todd Communities. The deal was brokered by NorthMarq's President of Investment Sales Trevor Koskovich, Senior Vice President Jesse Hudson, and Executive Vice President Bill Hahn.
"Christopher Todd Communities has set the bar very high with their branded Single-Story Rental Communities (SRC) and the competition is fierce, driven by strong investor value," said Koskovich. Griffin Martin and James DuMars from NorthMarq's Phoenix office arranged the financing for the purchase through its Fannie Mae relationship. SRC is a new luxury category in the BTR sector, a nod to the resort-inspired lifestyle and luxury resident experiences.
"As an early BTR Single-Story Rental Community innovator, having jumped into this niche in 2016, we've been able to craft a community experience that is unparalleled in the industry. We are the only BTR Single Story Rental company in the nation to strategically create branded communities that deliver a consistent top tier experience regardless of locale," said Todd Wood, CEO of Christopher Todd Communities. That brand commands faster lease ups, 25-30% higher rent rates, and 50% higher resident retention.
"We continue to see opportunities with assets located in Arizona due to the influx in population," commented Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC. "Christopher Todd Communities represent the top tier of the single-family rental communities, and we are happy to own and manage so many of these properties. Our Inland affiliates now own and manage approximately $1 billion of commercial real estate in Arizona."
The private, smart-gated and walkable communities are comprised of single-story, pet-friendly smart homes. The communities are less dense than typical multi-family, with no one above or below. The keyless door entry makes it easy to come and go with minimal touching of materials, and the private backyards give people the space to be socially distant yet maintain a sense of connection. Resort-style amenities such as pool with ramadas, fitness center, event lawn and parks are part of each community.
As part of the sale, each community will retain the Christopher Todd Communities brand, bringing added value to this transaction and a seamless experience for their residents.
The two communities in this sale were developed and wholly owned by Christopher Todd Communities and were built prior to its strategic partnership with Taylor Morrison Home Corporation (NYSE: TMHC). Taylor Morrison, America's Most Trusted® Home Builder is taking the Christopher Todd brand to markets where they are invested with their traditional home building operations.
For more information: www.ChristopherTodd.com
Martha Moyer Wagoner
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SOURCE Christopher Todd Communities