MADISON, TENN. — TWO Capital Partners and Origin Investments have secured construction financing for the development of Tessa Madison, a 199-unit build-to-rent community located in Madison, about 12 miles northeast of downtown Nashville. Patterson Real Estate Advisory Group arranged the undisclosed amount of financing through Invitation Homes. TWO Resi Build, a wholly owned subsidiary of TWO Capital Partners, will serve as the project’s general contractor. Tessa Madison is situated on 55 acres within a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The community will consist of a mix of for-rent townhomes and detached single-family rental homes, with an average unit size of 1,851 square feet. All units will feature three- or four-bedroom floorplans, two-car attached garages and private driveways. Amenities will include a resort-style swimming pool, clubhouse, fitness center, coworking space, outdoor pavilion and a dog park.
Build-to-Rent
Henderson Park, GRP Break Ground on 266-Unit Build-to-Rent Community in Hardeeville, South Carolina
by Abby Cox
HARDEEVILLE, S.C. — Henderson Park, an international private equity real estate firm, and Green Room Partners (GRP), a Charleston-based real estate development and investment firm, has broken ground on The Bower, a 266-unit build-to-rent community located in Hardeeville, about 17 miles north of Savannah. Situated off US-278 in the state’s Lowcountry region, the community will include amenities such as a centrally located clubhouse with a library, coworking space, community kitchen, lounge and fitness center. Outdoor amenities will include a swimming pool, kitchen and bar, cabana, grilling stations, pickleball courts, a putting green, fire pit and dog park, as well as an interconnected walking trail system. The amenity space will be completed by July 2027, while the first residences at The Bower are expected to deliver in November 2027.
PHOENIX — Mark-Taylor Residential, Scottsdale, Ariz.-based Sunbelt Holdings and Boston-based Rockpoint have developed The Hillburn, a build-to-rent multifamily community in North Phoenix. Located at 2550 W. North Foothills, the community is minutes from the Norterra shopping and dining district and near the Taiwan Semiconductor Manufacturing Co. facility. The Hillburn features 283 three-bedroom townhomes, ranging from 1,729 square feet to 2,291 square feet, and two-, three- and four-bedroom single-family detached homes, ranging from 1,323 square feet to 2,338 square feet. Each residence offers two-car garages with electric vehicle charging, covered patios, porches and private backyards. The floor plans feature expansive living areas, modern kitchens with oversized islands, spa-inspired bathrooms, smart-home technology and premium finishes throughout. Community amenities include a 6,200-square-foot clubhouse with a pool, fitness center, golf simulator and a complimentary coffee bar. Additional amenities include a dog walking path, park, children’s playground, pickleball court and basketball court.
CANAL WINCHESTER, OHIO — Stark Enterprises is scheduled to break ground this spring on Lock Pointe Village, a 120-unit luxury build-to-rent community in the Columbus suburb of Canal Winchester. The land acquisition is complete, and the development is fully capitalized. The project will include 37 buildings and amenities such as a clubhouse, fitness center, pool, sport court and dog park. Lease-up is expected to begin in early 2027, with the first homes delivering that spring. Arbor Construction, the construction arm of Stark Enterprises, will serve as the builder.
LEWISVILLE, TEXAS — A partnership between Wan Bridge, a Texas-based developer of build-to-rent residential communities, and Centurion American Development Group has delivered Frontera Shores Townhomes, a 201-unit project in the northern Dallas suburb of Lewisville. The site spans 35.8 acres, and the community offers two-, three- and four-bedroom townhomes that range in size from 1,280 to 1,880 square feet. Amenities include a pool, walking trails and a dog park.
GARDNER, KAN. — Sallee Development has broken ground on Flint Trails, a $69 million build-to-rent community in Gardner, about 30 miles south of Kansas City. The project will include two- and three-bedroom townhomes with attached garage options. Amenities will include a clubhouse, pool, pickleball court and onsite management and maintenance services. The project is being developed in partnership with CommunityAmerica Credit Union, which is providing financing support. The first units are planned for delivery in late 2027.
AUSTIN, TEXAS — Trilogy Investment Co., a residential developer based in metro Atlanta, has broken ground on REV3 at Walnut Creek, a 190-unit build-to-rent residential project in northeast Austin. The property will exclusively feature three-bedroom, townhome-style units with an average size of 1,493 square feet that will include a one-car attached garage. Leasing is anticipated to begin in the third quarter of 2027, with full completion slated for mid-2028.
PAPILLION, NEB. — Cavan Cos. has closed on the land for the development of The Bungalows at Prairie Hills, a 154-unit build-to-rent community in Papillion. The project marks the company’s third development in metro Omaha. Horizontal construction is expected to begin in May. One-, two- and three-bedroom floor plans will range from 683 to 1,389 square feet. The development will feature 104 detached garages, a clubhouse, fitness center and other shared amenities.
CAPREIT Acquires 157-Unit Build-to-Rent Development Underway in Woodruff, South Carolina
by John Nelson
WOODRFUFF, S.C. — CAPREIT has acquired Hart Townes, a 157-unit build-to-rent residential community located at 339 Hart Townes Way in Woodruff, about 21 miles southeast of Greenville, S.C. The seller and sales price were not disclosed. Construction began last year and is scheduled to wrap up before the end of the year. First move-ins to the community are currently underway. Homes at Hart Townes span in size from 1,570 to 1,693 square feet and include wood floors, stainless steel kitchen appliances, granite countertops, attached garages, 2.5 bedrooms and private patios. Common area amenities include a swimming pool and cabana, as well as onsite property management and maintenance.
KANSAS CITY, MO. — Cavan Cos. has unveiled plans to develop The Bungalows at Maple Woods, a 153-unit build-to-rent (BTR) community in Kansas City’s Northland corridor. Horizontal construction is expected to begin in June, with vertical construction anticipated six to eight months thereafter. The 16-acre site is located near Maple Woods Community College. The single-story residences will come in one-, two- and three-bedroom layouts with private fenced backyards, garages and access to a community clubhouse and fitness center. Cavan’s expansion into the Kansas City market builds upon its existing presence in Omaha, where the company operates two BTR communities and is in the process of closing on a third location. The Bungalows is its flagship brand.
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