Single-Family Rental

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120M

by Taylor Williams August 21, 2023

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …

August 21, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Opens 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow August 16, 2023

SUN PRAIRIE, WIS. — Heyday has opened the first phase of Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Homes feature attached garages with electric vehicle charging outlets, private patios, keyless entry and green spaces. Monthly rents range from $1,700 for one-bedroom homes to $2,800 for three-bedroom homes. New leases include a six-month membership to nearby Sun Prairie Athletic Club. Daniel Management Group is the property manager.

August 16, 2023

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Cushman & Wakefield Arranges $62M Construction Financing for Multifamily Development in Leland, North Carolina

by John Nelson August 15, 2023

LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.

August 15, 2023

Build-to-Rent Features Single-Family Rental

How Build-to-Rent Projects Create Much-Needed Housing Supply, Sense of Community

by Taylor Williams August 10, 2023

By Andrew Welker, founder and CEO, Welker Properties Institutional investment in the single-family housing market is waning as high interest rates show no sign of letting up. For the first time in years, corporate investors looking to borrow money are having difficulty finding cash flow with current interest rates. As a result, some institutional investment firms are hitting pause on real estate portfolios or pivoting to all-cash deals on low-priced housing stock. This shift makes it more difficult for individual first-time homebuyers to get in on the game. With buyers and sellers holding out for better returns, a shrinking debt market isn’t helping with the supply shortage. According to data supplied by Freddie Mac and analyzed by Axios, the country needs nearly 4 million units — both for rent and for sale — to meet demand based on current rates of household formation. There simply isn’t enough housing being built to meet demand. Enter build-to-rent (BTR), an asset class that’s skyrocketed in popularity in recent years as COVID-19 pushed people out of cities and affordable homeownership further from their reach. Offering the four-walled privacy of a single-family unit and the conveniences of multifamily construction, BTR is community-style living for …

August 10, 2023

Build-to-Rent Development Single-Family Rental Texas

Mill Creek Residential Completes 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams August 8, 2023

CELINA, TEXAS — Mill Creek Residential has completed construction of Amavi Celina, a 271-unit build-to-rent residential community located about 40 miles north of downtown Dallas. The 45-acre site houses cottage- and townhome-style residences as well as single-family detached homes. Residences come in one-, two-, three- and four-bedroom layouts. Amenities include a clubhouse with a fitness center, pool, dog park, playground, green space and onsite walking trails. Preleasing is underway, and the first move-ins are scheduled for later this month.

August 8, 2023

Build-to-Rent Development Georgia Loans Multifamily Single-Family Rental Southeast

Forman Capital Provides $22.5M Financing for Build-to-Rent Residential Community in South Georgia

by John Nelson August 7, 2023

CENTERVILLE, GA. — Forman Capital has provided a $22.5 million loan for the lot acquisition and construction of a build-to-rent (BTR) residential community located at 3930 US Highway 41 in Centerville, about 21 miles south of Macon, Ga. Upon completion, the first phase of the development will comprise 109 single-family rental homes in two-, three- and four-bedroom layouts, with monthly rents expected to range from $1,900 to $2,400. Parkland Homebuilders, an affiliate of Alpharetta, Ga.-based Parkland Communities, is the borrower and developer. Plans for the community include four phases and a total of 317 homes.

August 7, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

CBRE Facilitates $27.2M Sale of Build-to-Rent Residential Community in Phoenix

by Amy Works August 4, 2023

PHOENIX — CBRE has arranged the sale of Proximity Baseline, a build-to-rent residential property located at 1700 E. Baseline Road in Phoenix. Avenue North sold the asset to CVG Properties for $27.2 million. The buyer plans to rename the asset The Linq @ South Mountain. The Linq @ South Mountain features 80 detached and duplex single-family residences in one-, two- or three-bedroom floor plans. The units offer 10- to 14-foot ceilings, stainless steel appliances, vinyl flooring and smart home technology. Additionally, each unit has a private backyard with a patio. Griffen Tymins, Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the off-market deal.

August 4, 2023

Build-to-Rent Development Single-Family Rental Texas

Welker Properties to Develop 343-Unit Build-to-Rent Residential Project in Melissa, Texas

by Taylor Williams July 26, 2023

MELISSA, TEXAS — Dallas-based Welker Properties will develop a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project, known as Wolf Creek Farms Melissa BTR, 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.

July 26, 2023

Build-to-Rent Development Indiana Midwest Single-Family Rental

Thompson Thrift Opens 242-Unit Build-to-Rent Community in Suburban Indianapolis

by Kristin Harlow July 21, 2023

FISHERS, IND. — Thompson Thrift has opened Slate at Fishers District, a 242-unit build-to-rent community in the Indianapolis suburb of Fishers. The property, which is nearly 20 percent leased, is part of the master-planned Fishers District mixed-use development. Residences average 1,215 square feet and feature a mix of one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark parks and doggie spas. Monthly rents start at $1,699.

July 21, 2023

Features Single-Family Rental

Why the Single-Family Rental Market Remains an Unstoppable Force

by Jeff Shaw July 21, 2023

— By Mark Wolf, AHV Communities — As we approach the second half of the year, much has transpired across the economy, the real estate sector and the single-family rental (SFR) arena. We’ve witnessed the negative impacts of record inflation, slowed investment activity accompanying the Federal Reserve’s continued interest rate hikes and the second and third largest bank failures in U.S. history. With real estate lending now hampered across all asset classes, rippling effects are being witnessed across SFRs as well. Although make no mistake — the sector will emerge stronger. The single-family, build-to-rent (BTR) model is only about a decade old and was spawned following a global financial crisis. The few that introduced the concept of SFR communities purpose-built from the ground up will attest that the first several years in the business were challenging. BTR got off to a choppy start Convincing institutional capital of the merits of the business model proved an uphill battle. It wasn’t until just the past few years that investment in the BTR sector ultimately exploded, resulting in both an onslaught of new communitydevelopments, as well as multitudes of players joining the sector looking to capitalize on the opportunity. Unfortunately, many of these …

July 21, 2023

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