Single-Family Rental

JLL Arranges $33.8M Construction Loan for Villas Goodyear Build-to-Rent Community in Arizona

by Amy Works February 22, 2023

GOODYEAR, ARIZ. — JLL Capital Markets has arranged a $33.8 million construction loan for Villas Goodyear, a build-to-rent residential development at 816 S. Sarival Ave. in Goodyear. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Goodyear will feature 151 one- and two-bedroom, freestanding, single-story units with spacious floor plans, simulated wood flooring, quartz countertops, stainless steel appliances and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the three-year, fixed-rate loan through a regional bank for the borrower.

February 22, 2023

Share of Markets with Rising Apartment Cap Rates_460

Arbor Realty Trust Build-to-Rent Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure

by Sarah Daniels February 14, 2023

— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …

February 14, 2023

Build-to-Rent Development Single-Family Rental Texas

AHV Communities Completes 142-Unit Single-Family Rental Project in Northwest San Antonio

by Taylor Williams February 13, 2023

SAN ANTONIO — Locally based developer AHV Communities has completed Farm Haus, a 142-unit single-family rental project in northwest San Antonio. The development’s two-story duplexes are available in two-, three- and four-bedroom homes that range in size from 1,134 to 1,645 square feet. Homes also include private garages and fenced yards. Amenities include a pool, fitness center, community kitchen, bocce courts, dog park and walking trails. Rents start at $2,070 per month.

February 13, 2023

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

JLL Arranges $48M in Construction Financing for Build-to-Rent Development in Central Florida

by John Nelson January 24, 2023

WILDWOOD, FLA. — JLL has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent development in Wildwood. Churchill Real Estate provided the two-year, non-recourse loan to the borrower, a partnership between TRUSOT Developments and Agador Spartacus Development (AS). Max La Cava, Kenny Cutler and Karim Khaiboullin of JLL arranged the financing on behalf of TRUSOT and AS, which are co-developing several residential projects across Florida. Situated adjacent to The Villages, a master-planned community in Central Florida for active adults, Solamar Wildwood will comprise townhomes and villas with one-, two- and three-bedroom layouts. Homes will feature semi-private backyards, surface parking and private garages. Community amenities will include a resort-style swimming pool, sun deck with cabanas, fitness studio with a yoga room, summer kitchen and a tropical clubhouse.

January 24, 2023

Acquisitions Arbor Realty Trust Build-to-Rent Content Partner Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Investors Drawn to Single-Family Rentals During Tough Economic Times

by Sarah Daniels January 5, 2023

By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …

January 5, 2023

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

Taylor Morrison Sells 145-Unit Build-to-Rent Community in Mesa, Arizona for $53M

by Amy Works December 23, 2022

MESA, ARIZ. — Scottsdale-based Taylor Morrison has completed the disposition of a 145-unit build-to-rent community located at 250 N. Ellsworth Road in Mesa. San Diego-based Ellsworth Housing Partners acquired the property for $53 million, or $368,055 per unit, and plans to brand the community as The Logan at Ellsworth. Built in 2022, the community features 58 one-bedroom, 650-square-foot units and 87 two-bedroom, 995-square-foot units. In-home features include kitchens with quartz countertops, stainless steel appliances, wood-inspired flooring, high ceilings, dual-pane windows, full-size washers/dryers, walk-in closets and maintenance-free private backyards. The property offers smart-home technology, including satellite TVs with HD and DVR, mobile phone controls, smart-home touchscreen panels, USB outlets, keyless entry, self-monitored security systems with doorbell cameras and door and motion sensor alarms, and smart thermostats. The community features 20 detached garages, as well as 168 covered and 137 uncovered spaces. Onsite amenities include a heated swimming pool and spa, poolside ramadas with outdoors TVs, a fitness studio, an event lawn and a roving patrol. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s Phoenix investment sales team represented the seller in the deal.

December 23, 2022

Arizona Build-to-Rent Development Loans Western

JLL Arranges $30M Construction Loan for Villas Litchfield Park Build-to-Rent Community in Phoenix

by Amy Works December 8, 2022

PHOENIX — JLL Capital Markets has arranged a $30 million construction loan for Villas Litchfield Park, a build-to-rent community in Phoenix. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Litchfield Park will feature 153 one- and two-bedroom, freestanding, single-story units for residences. All units will offer simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge areas and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the 3.5-year loan through Old National Bank for the borrower.

December 8, 2022

Acquisitions Build-to-Rent Multifamily Nevada Single-Family Rental Western

Banyan Residential Acquires Banyan Brighton Rental Townhomes in Las Vegas for $61M

by Amy Works December 6, 2022

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.

December 6, 2022

Acquisitions Build-to-Rent Georgia Multifamily Seniors Housing Single-Family Rental Southeast

Berkadia Arranges $47.8M Sale of Build-to-Rent Active Adult Community in Dallas, Georgia

by John Nelson November 23, 2022

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.

November 23, 2022

Build-to-Rent Features Single-Family Rental

Build-to-Rent Communities Offer Affordability Amid Rising Interest Rates

by Taylor Williams November 10, 2022

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. …

November 10, 2022

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