CASTLE ROCK, COLO. — McWhinney has purchased Red Hawk Crossings, a build-to-rent townhome property at the Wolfensberger Road and Prairie Hawk Drive intersection in Castle Rock. Terms of the acquisition were not released. Built in 2015, Red Hawk Crossings features 60 three-bedroom/2.5-bath townhomes with direct-access two-car garages. McWhinney plans to implement a renovation program and operational enhancements. Asset Living will provide property management services for the asset.
FORT WORTH, TEXAS — Locally based brokerage firm LanCarte Commercial has negotiated the sale of a 31-acre multifamily development site in Fort Worth. The site is located at the northeast corner of Beach and East 1st streets on the city’s east side. The seller was not disclosed. The buyer, Phoenix-based developer NexMetro, plans to develop a 315-unit build-to-rent residential project on the site that will feature detached cottage-style homes arranged around landscaped courtyards, walking paths and open green spaces.
SURPRISE, ARIZ. — Christopher Todd Capital has acquired Yardly Paradisi, a 193-unit build-to-rent (BTR) property in Surprise, from Taylor Morrison. Northmarq arranged the sale as well as $32.8 million in acquisition financing. Scottsdale, Ariz.-based Taylor Morrison is a for-sale homebuilder that also develops and acquires newly constructed for-rent housing communities under its Yardly brand. The buyer is a BTR operator known for its Christopher Todd Communities brand. Northmarq’s Phoenix-based team, led by Trevor Koskovich, Jesse Hudson and Logan Baca, represented the seller in the transaction, while Brandon Harrington, Bryan Mummaw, Bryan Liu, Christopher Gitibin and Tyler Woodard arranged the acquisition financing on behalf of the buyer. Yardly Paradisi will be rebranded under the Christopher Todd Communities umbrella as Christopher Todd Communities Paradisi.
Higher rents and lower turnover are a few of the key advantages build-to-rent (BTR) properties have over traditional multifamily product, according to investors. Meanwhile, the sector continues to experience strong demand from tenants priced out of the housing market as well as renters by choice who prefer flexible, maintenance-free living. BTR units typically have all the perks of a single-family home — privacy, garages and yards — without the hassles of landscaping or property maintenance. “The BTR sector is experiencing significant growth because it addresses a genuine need in today’s housing market,” says Khrista Villegas, managing director of Material Capital Partners (MCP), a Charleston, South Carolina-based development and investment firm focused on BTR communities in the Southeast and Midwest. “Many prospective residents are moving away from traditional apartments, seeking the space, privacy and community feel of a single-family home without the commitment and burden of ownership. This trend is especially pronounced among millennials and Gen Z renters who value lifestyle flexibility, outdoor space and neighborhood connectivity — features that traditional apartments often lack,” explains Villegas. (Gen Z, the demographic cohort succeeding millennials, includes persons born between approximately 1997 and 2012.) Many millennials and Gen Zers are postponing family formation, but …
HOCKLEY, TEXAS — Empire Homes has completed Veranda Dellbrook, a 182-unit build-to-rent project in Hockley, about 40 miles northwest of Houston. Designed by KTGY, the property features one-, two-, three- and four-bedroom homes that range in size from 634 to 1,434 square feet. Amenities include a clubhouse, pool, outdoor lounge with grilling stations, a fitness center and a dog park. Information on starting rents was not disclosed.
By Patrick McGlohn, senior managing director, Berkadia After two years of caution and recalibration, capital is flowing back into commercial real estate. The bid-ask gap between buyers and sellers is narrowing, underwriting assumptions are stabilizing and both equity and debt investors are once again finding common ground. At Berkadia, we’re seeing equity move from the sidelines to the playing field, selectively, but decisively. Equity’s Comeback: Selective, but Strong Private equity and institutional investors are increasingly re-entering the market, with activity strongest in the “Smile States,” stretching from Northern Virginia to the western states and extending into major cities like Chicago. Much of the capital is chasing value-add and opportunistic plays rather than core, stabilized assets. Over the past couple of years, many equity investors would only touch preferred equity because of valuation uncertainty, but now we’re seeing common equity return in a meaningful way. The change reflects both greater pricing clarity and a collective sense that the bottom of the market cycle has passed. Navigating the Wall of Maturities The looming wall of debt maturities remains a defining storyline for 2025 and beyond. Nearly $950 billion in commercial mortgages matured in 2025 — roughly 20 percent of all outstanding commercial …
LIBERTY HILL, TEXAS — NexMetro, a Phoenix-based build-to-rent (BTR) developer, has begun leasing Avilla Rio Oaks, a 260-unit community located about 35 miles northwest of Austin in Liberty Hill. The gated community sits on 25 acres and features one-level homes in one-, two- and three-bedroom formats with garages or covered parking. Amenities include a pool, grilling stations, lounge areas, a dog park and walking paths. Rents start at roughly $1,400 per month for a one-bedroom home.
MAPLE GROVE, MINN. — CBRE has negotiated the sale of Mills Creek, a 66-unit build-to-rent community in the Twin Cities suburb of Maple Grove. Curtis Capital Group purchased the property from a joint venture between Watermark and PCCP for an undisclosed amount. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller. Built in 2019, the asset features detached homes averaging 1,679 square feet. Amenities include a clubroom, business center, pool, dog park, fitness center, community garden and walking trails.
SAGINAW, TEXAS — A partnership between Canadian owner-operator Tricon Residential and Texas-based developer HHS Residential has completed a 166-unit build-to-rent residential project in Saginaw, a northern suburb of Fort Worth. Residences feature three and four-bedroom floor plans and have attached two-car garages and fully fenced backyards. Amenities include a dog park and multiple outdoor recreational spaces. Information on starting rents was not announced.
OAK CREEK, WIS. — BWE has secured $33.6 million in permanent financing for Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. Dan Rosenberg, Tim Caffrey and Logan Petersmeyer of BWE arranged the Fannie Mae loan on behalf of Heyday, a Chicago-based developer specializing in build-to-rent communities. The financing paid off the construction loan and closed immediately upon the conclusion of the property’s initial lease-up. The recently built property includes 22 ranch-style buildings with a mix of one-, two- and three-bedroom homes.
