LAS VEGAS — Los Angeles-based Banyan Residential has acquired its first property in the Las Vegas market with the purchase of Banyan Brighton, a build-to-rent townhome community currently under construction, for $61 million. Additional terms of the transaction were not released. Upon completion, Banyan Brighton will feature 133 two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet. Each residence will feature an attached two-car garage, first-class finishes and private outdoor living space. The property is located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, five-acre sports field, full-service coffee shop, outdoor lap pool and five parks, including green spaces, picnic areas, tennis courts and dog parks. Cushman & Wakefield is actively leasing the townhomes as they are completed. Final units are slated for delivery in third-quarter 2023.
DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.
By Blair Sweeney, managing director, Landmark Properties More Americans are looking for homes even as available housing shrinks. This dynamic is rapidly accelerating the demand for build-to-rent (BTR) communities. The United States has failed to build as many homes as needed to keep up with population expansion, especially in markets in and around growing cities. Over the past 10 years, U.S. developers have delivered 19 percent less housing than in the previous decade — all while the population and overall demand for housing dramatically increased. The challenges to adding housing inventory aren’t new. In many areas, it’s become very difficult and expensive to navigate environmental and zoning regulations, putting many otherwise available sites out of reach. Additionally, costs of materials and labor continue to rise. While these constraints existed before the pandemic, COVID-19 pulled these limitations forward. Emerging in response to the agitated real estate market are single-family homes that are developed specifically as rentals, a relatively new housing product type that combines elements of homeownership and multifamily renting. Unlike institutional investors purchasing existing single-family homes off the market to rent, Landmark Properties is purpose-building homes to combat the nation’s housing shortage, ultimately alleviating pricing pressure in the housing market. …
WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.
PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.
CYPRESS, TEXAS — Los Angeles-based PCCP LLC will develop Meadows at Telge, a 195-unit build-to-rent residential community that will be located on the northwestern outskirts of Houston in Cypress. The 44-acre site will house three- and four-bedroom homes that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Communal amenities will include a pool, leasing office, dog park, grilling and dining stations and a playground. PCCP has partnered with homebuilder ICB on the project, construction of which is expected to last two to three years.
LOCKHART, TEXAS — San Antonio-based multifamily developer The Lynd Group has acquired a 30.5-acre parcel in Lockhart, about 35 miles south of Austin, for the development of a 174-unit build-to-rent community. Lynd is developing the project, which carries a total price tag of $61 million, in partnership with T.R. Inscore. Residences will come in two- and three-bedroom formats and will have an average size of 1,530 square feet. Communal amenities will include a pool, fitness center, dog park, a clubhouse and outdoor grilling and dining areas. Construction is scheduled to begin in January, with the first homes slated to come on line in the third quarter of 2023.
SPRING, TEXAS — Landmark Properties, a student housing and multifamily developer based in Athens, Ga., will develop The Everstead at Windrose, a 194-unit build-to-rent residential project in the northern Houston suburb of Spring. Landmark is developing the project in partnership with Principal Real Estate Investors. The development will offer townhouse- and cottage-style homes with private patios/backyards, and select residences will have attached garages. Communal amenities will include a pool, fitness center, coffee bar, dog park and grilling stations. Construction is slated to begin later this month and to be complete in 2024.
SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.
PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.