DALLAS — JLL has arranged a $130 million loan for the refinancing of a portfolio of three build-to-rent (BTR) properties, two of which are in Texas, totaling 608 units. The two Texas properties include Vireo Medical District, a 210-unit property in the northern Dallas suburb of McKinney, and Vireo Twelve Oaks, a 217-unit property in the northern Austin suburb of Georgetown. The third property is located in the Tampa area. Collectively, the three properties are known as the Vireo BTR Portfolio. Jim Curtin, Lauren Dow, Rex Cruz and Obi Eboh of JLL arranged the debt through KeyBank on behalf of the borrower, Georgia-based developer The Vireo Group.
ANNA, TEXAS — Locally based firm ONM Living has begun leasing a 196-unit build-to-rent community in the North Texas city of Anna. Cottages at Anna Station offers studio, one-, two- and three-bedroom homes that range in size from approximately 350 to 1,400 square feet. Homes feature fenced yards, covered front porches, quartz countertops, stainless steel appliances, walk-in showers, full-size washers and dryers and smart technology. Amenities include a fitness center, pool, pickleball courts, indoor and outdoor gaming areas, a dog park and walking trails.
LAVON, TEXAS — Locally based firm ONM Living has begun leasing a 268-unit build-to-rent community in Lavon, a northeastern suburb of Dallas. Cottages at Lake Lavon offers studio, one-, two- and three-bedroom homes that range in size from approximately 350 to 1,400 square feet. Homes feature fenced yards, covered front porches, quartz countertops, stainless steel appliances, walk-in showers, full-size washers and dryers and smart technology. Amenities include a fitness center, pool, pickleball courts, indoor and outdoor gaming areas, a dog park and walking trails.
NAPERVILLE, ILL. — Peakline Real Estate Funds (PREF) and Lincoln Property Co. have broken ground on The Claire, a 90-unit build-to-rent (BTR) community in the western Chicago suburb of Naperville. The project marks Naperville’s first BTR development, according to the developers. The Claire will offer 34 two-story townhomes and 56 three-story rowhomes with attached two-car garages, private outdoor space and resident amenities. The first residential deliveries are targeted for the second quarter of 2026. FNBO provided construction financing. The project team includes Kinzie Builders as general contractor, BSB as design architect and landscape architect, V3 Cos. as civil engineer and Eleni Designers as interior designer. RPM Living will oversee leasing and property management. The project is the second investment within PREF’s Build To Rent Fund I.
NEW BRAUNFELS, TEXAS — Wan Bridge, a Texas-based developer of build-to-rent residential communities, is underway on construction of West End Estates, a 218-unit project located northeast of San Antonio in New Braunfels. West End Estates will feature 1,200- to 1,800-square-foot townhomes and amenities such as a clubhouse, pool, sports courts and a playground. Roughly 15 percent of the residences are now complete, and a grand opening event is planned for early next year.
KATHLEEN, GA. — BWE has provided a $38.5 million loan for Encore at Beacon Place, a 252-unit build-to-rent community located at 40 Cohen Walker Drive in Kathleen, about seven miles south of Warner Robins in central Georgia. Paul Harbor and Caleb Carter of BWE’s Birmingham office originated the bridge loan on behalf of the borrower, a multifamily investment firm based in Alabama. Delivered in February 2025, Encore at Beacon Place offers a mix of one-, two- and three-bedroom cottages. Amenities include a resort-style saltwater pool, pickleball court, clubhouse with a 24-hour fitness center with a fitness studio, community gathering room, business center, cyber café with complimentary Wi-Fi and a coffee bar.
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 …
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