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Build-to-Rent

AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Thompson Thrift Sells 242-Unit Slate at Fishers District Build-to-Rent Community in Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.

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Build-to-RentDevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

Joint Venture to Develop 250-Unit Build-to-Rent Community in Port Wentworth, Georgia

by John Nelson

PORT WENTWORTH, GA. — A joint venture between PCCP LLC and Advenir Azora has secured a 28-acre site in Port Wentworth for the ground-up development of a 250-unit build-to-rent (BTR) residential community. Located at 1100 Meinhard Road, the site is less than 10 miles from the Port of Savannah. The community will feature one- and two-bedroom duplexes, two-bedroom cottages and two- and three-bedroom townhomes with an average size of 1,081 square feet. Amenities at the complex will include a 3,000-square-foot clubhouse and leasing center with a conference room, coffee bar and an Olympic-style pool with gazebos and lounge chairs, as well as a 1,460-square-foot fitness center with a turfed exterior. Additionally, there will be shared green spaces that will comprise pocket parks and playgrounds, a pickleball court and walking trails. The first homes are expected to be delivered in June 2026. This project marks PCCP and Advenir Azora’s second joint venture, following the ground-up development of Leo at Wendell in Raleigh, which is slated for completion in December.

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AcquisitionsBuild-to-RentSingle-Family RentalTexas

ONM Living Sells 196-Unit Build-to-Rent Property in South Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Locally based developer ONM Living has sold Cottages at Summer Creek, a 196-unit build-to-rent residential property in South Fort Worth. Built on 18 acres in 2023, Cottages at Summer Creek offers studio, one-, two- and three-bedroom residences that range in size from 344 to more than 1,200 square feet. Homes offer private fenced yards, covered front porches, granite countertops, stainless steel appliances, walk-in showers, washers and dryers and smart technology features. Amenities include a pool, two pet parks, pickleball courts, walking trails and a conference room. ONM Living sold the property in partnership with All Pro Capital. Berkadia brokered the deal. The buyer was Stockbridge Capital Group.

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AcquisitionsBuild-to-RentMultifamilySingle-Family RentalSoutheastTennessee

PPR Capital Management Buys Build-to-Rent Community in Knoxville for $87M

by John Nelson

KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.

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Build-to-RentDevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

ARK Homes Delivers 237-Unit Build-to-Rent Community in Brunswick, Georgia

by John Nelson

BRUNSWICK, GA. — ARK Homes For Rent has completed Walker Point, a 237-unit build-to-rent (BTR) residential community located at 1101 Walker Point Way in Brunswick, about 70 miles south of Savannah. Situated on 25 acres, the property features townhomes ranging up to 1,800 square feet that come in two-, three- and four-bedroom floorplans. Amenities include a clubhouse, fitness center, yoga room, swimming pool, outdoor lounge with grilling and dining areas and a dog park. Walker Point is now available for lease, with monthly rental rates beginning at $1,649. ARK Homes held a ribbon cutting on Friday, March 21.

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Build-to-RentDevelopmentIllinoisLoansMidwestSingle-Family Rental

JLL Secures $55.6M in Financing for Build-to-Rent Development in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — JLL Capital Markets has secured a $45.7 million construction loan and a $9.9 million mezzanine loan for Park5 Luxury Rental Townhomes, a 144-unit build-to-rent community in the northern Chicago suburb of Deerfield. Located just west of I-94, Park5 will feature two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages and private yards. Matthew Schoenfeldt and Mary Dooley of JLL secured the senior construction loan through Bank OZK and the mezzanine financing through an insurance company on behalf of the borrower, VennPoint Real Estate. Dan Reynolds and Chris Cummins of JLL consulted on selling the land for $10.2 million on behalf of the seller, Quadrangle.

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AcquisitionsBuild-to-RentMidwestMinnesotaNorth DakotaSingle-Family Rental

Cushman & Wakefield Brokers Sale of 601-Unit Build-to-Rent Portfolio in Minnesota, North Dakota

by Kristin Harlow

MINNESOTA AND NORTH DAKOTA — Cushman & Wakefield has brokered the sale of a portfolio of 601 recently developed build-to-rent homes located throughout the Fargo/West Fargo/Moorhead metro areas in the bordering states of North Dakota and Minnesota. The sales price was undisclosed, but the price is the highest valued multifamily sale in North Dakota’s history, according to Cushman & Wakefield. Units range from three to five bedrooms, and the homes average 7.2 years old. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller, Meridian Mortgage LLC. An affiliate of Christianson Cos. was the buyer.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalTexas

Marquette Cos. Begins Leasing 300-Unit Residential Project in Metro Houston

by Taylor Williams

THE WOODLANDS, TEXAS — Marquette Cos., an Illinois-based developer, has begun leasing The Sylvan, a 300-unit residential project located about 30 miles north of Houston in The Woodlands. The Sylvan consists of 188 single-family rentals and townhouses and 112 apartments. Single-family homes feature three- and four-bedroom floor plans, range in size from 1,495 to 1,805 square feet and include private yards and garages. Ranging from 1,456 to 1,581 square feet, townhomes have two- and three-bedroom floor plans with attached garages and private outdoor space. Apartments come in one-, two- and three-bedroom formats and range in size from 650 to 1,574 square feet. Amenities include a clubhouse, pool, fitness center and walking paths. Rents start at $1,700 per month for a one-bedroom unit. Construction of The Sylvan began in October 2023.

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Build-to-RentDevelopmentMidwestOhioSingle-Family Rental

Buckingham, Onyx+East Break Ground on 120-Unit Build-to-Rent Community in Suburban Columbus

by Kristin Harlow

LEWIS CENTER, OHIO — A joint venture between Buckingham and Onyx+East has broken ground on a 120-unit build-to-rent (BTR) community in Lewis Center within Orange Township. Named Mural Lewis Center, the development is part of Buckingham’s Mural Collection. The two- to four-bedroom homes will range from 902 to 2,685 square feet and include attached two-car garages and private outdoor spaces. All home and yard maintenance is included, and residents can enjoy a playground, pavilion, dog park, community garden, fire pit and walking trails. The first units will be available for rent beginning in December. Mural Lewis Center comes on the heels of Onyx+East and Buckingham’s first BTR project, Mural Brownsburg, located in suburban Indianapolis.

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Build-to-RentDevelopmentIndianaMidwestSingle-Family Rental

Buckingham, Onyx+East Break Ground on 165-Unit Build-to-Rent Community in Metro Indianapolis

by Kristin Harlow

BROWNSBURG, IND. — A joint venture between Buckingham and Onyx+East has broken ground on Mural Brownsburg, a 165-unit build-to-rent (BTR) community in the Indianapolis suburb of Brownsburg. The development is part of Buckingham’s Mural Collection. Phase I is underway at the intersection of US 136 and Northfield Drive. The three- and four-bedroom homes will range from 1,572 to 2,086 square feet. Under Buckingham’s property management, all Mural Brownsburg home and yard maintenance is included. Residents will enjoy walking paths, a neighborhood clubhouse and pool. The first units are expected to be available for rent beginning in October. Mural Brownsburg marks the first BTR venture for both Onyx+East and Buckingham. Onyx+East’s expertise is in for-sale single-family and townhome construction and Buckingham’s experience is in multifamily investment and management.

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