Single-Family Rental

AURORA, ILL. — Redwood Living Inc. is nearing completion of Redwood Aurora, a 140-unit build-to-rent community in the Chicago suburb of Aurora. The single-story development will offer eight different floor plans ranging in size from 1,294 to 1,709 square feet. Each of the homes will feature two bedrooms, two bathrooms and a two-car garage. The property is located at 1241 Coffeeberry Lane near I-88. Monthly rents will start at $2,649. Redwood has developed more than 18,000 single-story apartment homes.

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MELISSA, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for Wolf Creek Farms, a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025. The developer is Dallas-based Welker Properties.

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WHITESTOWN, IND. — Hudson Investing and Midloch Investment Partners have acquired Jackson Run Townhomes, an 84-unit build-to-rent community in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. Completed in 2023, the property features three- and four-bedroom units averaging 1,897 square feet. The two-story townhomes feature two-car garages and ADT home security systems. Hudson is planning several amenity upgrades, including expansion and enhancement of the existing pet park and the addition of an outdoor gas grilling pavilion.

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MARTINSBURG, W.VA. — Berkadia has brokered the sale of The Meadows at Berkeley Ridge, a newly constructed build-to-rent (BTR) residential community located at 368 Pineda Lane in Martinsburg. The 148-unit townhome property serves as the first BTR development in the market, according to Berkadia. The Meadows at Berkeley Ridge was built in 2023 and features three-story townhomes with three- and four-bedroom floor plans averaging 1,912 square feet in size. Each unit features private two-car driveways and attached car garages. Brett Moss, Tyler Swidler, Drew White, Carter Wood and Cole Carns of Berkadia brokered the sale. The sales price and seller were not disclosed. Phil Branigan, Miles Drinkwalter and Natalie Revers of Berkadia originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, a joint venture between Virginia-based DSP Real Estate Capital and Virginia-based Rockbridge Investment Group.

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OAK CREEK, WIS. — Illinois-based developer Heyday has opened Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The property consists of single-family attached rental homes averaging 1,350 square feet. High-speed electric vehicle charging outlets are installed in every garage. Residents have access to outdoor spaces. Daniel Management Group will manage and market the property for lease.

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By Gib Laite, Esq. of Williams Mullen Multifamily investors are accustomed to paying property taxes based on an assessor’s opinion of their asset’s income-based market value. But for the growing number of developers and investors assembling communities of single-family homes and townhomes for rent, tax assessment is more complex and potentially troublesome. The difficulty for these taxpayers is that most assessors shun the income approach to valuing single-family rental properties. In the following paragraphs, we examine the roots of this common assessor stance, and explore strategies that may help taxpayers argue for a more predictable, apartment-like treatment for their single-family rental communities. Similar, but different Multifamily construction has delivered a tremendous volume of apartment properties over the past decade. Once stabilized, these assets have been relatively simple to value by relying on market rents, occupancy, expenses, and cap rates. On the heels of this apartment construction, the nation is seeing a proliferation of investor-backed, single-family construction and acquisitions of large blocks of homes and townhouses for use as rental properties. This may take the form of constructing a multitude of homes or townhomes in a single development. Alternatively, it may involve the acquisition of many existing homes or townhomes in …

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AVONDALE, ARIZ. — Berkadia has arranged the sale of Cottages at McDowell, a newly constructed, cottage-style build-to-rent community in the Phoenix suburb of Avondale. Arizona-based WS Avondale LLC sold the asset to Arizona-based CTAZ McDowell 117 LLC, an entity formed by Christopher Todd Capital, for $56.9 million, or $262,613 per unit. Located at 1350 N. 117th Ave., Cottages at McDowell features 217 one- and two-bedroom units with 10-foot ceilings, private backyards, stainless steel appliances, walk-in closets and detached garages. The community offers two swimming pools and a fitness center. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller.

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SACRAMENTO, CALIF. — Austin, Texas-based New Growth Living has opened Tanzanite Homes, a build-to-rent community at 2490 Quiet Trail Lane in Sacramento’s Natomas neighborhood. The development offers 211 units in a mix of single-family homes and duplexes. Designed by Jeffrey DeMure + Associates, the majority of residences are grouped as duplex units with attached and detached alley-loaded garages. The two- and three-bedroom homes range from 1,009 square feet to 1,501 square feet, while the 73 one-bedroom units are 726 square feet. Additionally, there are eight single-family detached homes. In-unit features include all-electric appliances, quartz countertops, modern wood-style flooring, spacious closets and smarthome technology. Many of the units also have private fenced-in yards. Tanzanite Homes features four central gathering areas with shared community amenities, including a 2,800-square-foot clubhouse, fitness center, resort-style swimming pool with lounge areas, and an outdoor barbecue kitchen with grilling station, fire pits and green space.

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SPARKS, NEV. — Berkadia has arranged $11.5 million in joint venture equity for Five Ridges, a townhome-style build-to-rent development in Sparks, just east of Reno. Leggera Development is the developer for the project. Situated on 6.1 acres at 545 Highland Ranch Parkway, Five Ridges features 83 three-bedroom/2.5-bath units ranging in size from 1,494 square feet to 1,969 square feet. The community is situated within a 422-acre master-planned community comprising 1,246 residential units across 10 villages, including single-family detached homes, townhomes, multifamily, commercial properties, and two community parks with 100 acres of open space and 10 acres of amenitized community gathering areas. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital, along with Jared Glover of Investment Sales at Berkadia Nevada, represented Leggera Development. Berkadia arranged the equity through a global investment manager.

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KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.

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