Single-Family Rental

Good + West Secures Joint Venture Partner for $400M Build-for-Rent Pipeline Located Across Texas

by Katie Sloan July 21, 2022

DALLAS AND AUSTIN, TEXAS — Good + West has partnered with a Dallas-based private equity fund for the development of four build-for-rent (BFR) projects in the state of Texas. Development costs are set to total $400 million. The communities will be built under the Austin, Texas-based development firm’s Perch banner over the course of the next four years. Heather McClure of Walker & Dunlop advised Good + West in identifying its joint venture partner for the projects. Perch communities offer a seres of single-family buildings with fenced-in yards and patios, alongside shared amenities including resort-style swimming pools, outdoor kitchens with gas grills, fire pits, game lawns, pet parks, fitness centers and landscaped courtyards. The company currently has $150 million worth of BFR development underway in the state of Texas, including the joint venture’s first project, Perch Denton. Located in the Dallas-Fort Worth suburb of Denton, the community is scheduled for delivery in 2023 and will offer 195 units. Additional Good + West BFR projects currently underway include Perch Chisolm Trail in Fort Worth and Perch Manor Downs, located outside Austin in Manor. Phase I of both projects are set for delivery in 2023 and 2024, respectively. The pace of development …

July 21, 2022

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

Berkadia Negotiates $75M Sale of Built-to-Rent Community in Flagstaff, Arizona

by Amy Works July 15, 2022

FLAGSTAFF, ARIZ. — Berkadia has arranged the sale of The Overlook at Buffalo Park, a built-to-rent multifamily property at 1651 N. Gemini Drive in Flagstaff. Georgia-based St. Clair Holdings sold the asset to San Diego-based Logan Capital Advisors for $75 million. Built in 2021, The Overlook at Buffalo Park features 155 rental homes in a mix of one-, two- and three-bedroom cottage-style designs. The homes feature largely detached floor plans with vaulted ceilings, front porches and stainless steel appliances, including full-size washers and dryers. Community amenities include a clubhouse with porch seating, two pet parks, a dog washing station, fire pits and a fitness center. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal.

July 15, 2022

Arizona Build-to-Rent Development Loans Single-Family Rental Western

Northmarq Arranges $49.5M Construction Loan for Honeycutt Run Build-to-Rent Community in Maricopa, Arizona

by Amy Works July 13, 2022

MARICOPA, ARIZ. — Northmarq’s Debt & Equity has arranged a $49.5 million construction loan for the development of Honeycutt Run, a build-to-rent residential property in Maricopa. Mesa-based Bela Flor Communities is developing the community. Situated on 19.2 acres at 36351 W. Honeycutt Run Road, Honeycutt Run will feature 209 single-story homes. The site plan is approved for one-, two- and three-bedroom single-family casita-style homes with private, fenced-in backyards. Community amenities will include a swimming pool, clubhouse, fitness center and barbecue areas with fire pits. Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu of Northmarq secured the loan, which was structured at an 80 percent loan-to-cost ratio. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team brokered the sale of the fully zoned and entitled land on behalf of the seller, Phoenix-based Suncrest Real Estate & Land.

July 13, 2022

Features Leasing Activity Multifamily Single-Family Rental Western Feature Archive

Redfin: US Residential Median Asking Rents Up 14.1 Percent in June on Annual Basis

by John Nelson July 12, 2022

SEATTLE — Redfin, the residential real estate brokerage giant, has reported that the national median asking rent in June is $2,016 per month, a 14.1 percent increase year-over-year. The Seattle-based company analyzed data from 20,000 separate multifamily and single-family properties from its RentPath platform across the top 50 U.S. metro areas. The June figure is a slight increase from May at 0.7 percent, which represents the smallest month-over-month gain since the start of the year. The median asking rate is also the smallest annual increase since October 2021. Daryl Fairweather, Redfin’s chief economist, says while still elevated, the current slowdown in rent growth could be anticipatory on the part of landlords in reaction to overall inflation. (The Consumer Price Index saw its biggest annual gain since 1981 in May, according to the U.S. Bureau of Labor Statistics). “Rent growth is likely slowing because landlords are seeing demand start to ease as renters get pinched by inflation,” says Fairweather. “With the cost of gas, food and other products soaring, renters have less money to spend on housing.” “This slowdown in rent increases is likely to continue, however rents are still climbing at unprecedented rates in strong job markets like New York …

July 12, 2022

Build-to-Rent Development Single-Family Rental Texas

AHV Communities to Develop 157-Unit Single-Family Rental Project in McKinney, Texas

by Taylor Williams July 11, 2022

MCKINNEY, TEXAS — AHV Communities will develop a 157-unit single-family rental project in the northern Dallas suburb of McKinney. The development will sit on a 38-acre site along U.S. Highway 380 and will house three- and four-bedroom homes with private backyards and two-car garages. The community will offer several amenities, including a pool, fitness center, dog park, grilling and picnic areas, clubhouse and a bocce ball/game court. Construction is scheduled to begin in early 2023.

July 11, 2022

Build-to-Rent Development Single-Family Rental Texas

Embrey to Develop 276-Unit Single-Family Rental Community in Fort Worth

by Taylor Williams July 7, 2022

FORT WORTH, TEXAS — San Antonio-based developer Embrey has acquired a 22.9-acre site in Fort Worth for the development of a 276-unit single-family residential community. Collection Champions Circle will feature one-, two- and three-bedroom homes, as well as a pool and a clubhouse. Construction is scheduled to begin in late July or early August and to be complete in 2024. Embrey is also the general contractor for the project and will provide onsite property management services upon completion.

July 7, 2022

Build-to-Rent Development Single-Family Rental Texas

Wan Bridge Underway on 812-Unit Build-to-Rent Community in Rosharon, Texas

by Taylor Williams June 27, 2022

ROSHARON, TEXAS — Wan Bridge, a Texas-based developer of build-to-rent residential neighborhoods, is underway on vertical construction of Pradera Oaks, an 812-unit community located south of Houston in Rosharon. Pradera Oaks will offer three- and four-bedroom homes with an average size of 1,750 square feet and two-car garages. Residents will have access to a lake, jogging trail, dog park, playground and splash pad as part of the amenity package. The development team will deliver the community in phases, adding about 300 homes over each of the next three years.

June 27, 2022

Build-to-Rent Development Single-Family Rental Texas

Coastal Ridge, Halstatt to Develop 225-Unit Build-to-Rent Community in Metro Austin

by Taylor Williams June 22, 2022

ROUND ROCK, TEXAS — Ohio-based Coastal Ridge Real Estate, in a joint venture with Halstatt Real Estate Partners, will develop a 225-unit build-to-rent residential community in the northern Austin suburb of Round Rock. The site spans 20 acres within the 1,200-acre Avery Centre mixed-use development. The development will feature one-, two- and three-bedroom homes, and amenities will include a pool, resident clubhouse, walking trails, outdoor seating areas and a fitness center. Coastal Ridge will operate the community under its Stillwell brand. A formal groundbreaking ceremony will take place on Tuesday, July 19.

June 22, 2022

Jeff Erxleben interest rates built to rent quote

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook

by Sarah Daniels June 9, 2022

By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …

June 9, 2022

Acquisitions Arizona Build-to-Rent Development Western

Blue Vista to Develop Two Build-to-Rent Communities Near Phoenix

by Amy Works May 27, 2022

LITCHFIELD PARK AND GOODYEAR, ARIZ. — Chicago-based Blue Vista Capital Management has purchased land for two build-to-rent developments in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities. Located near the intersection of Dysart and Camelback roads, the Litchfield Park community will offer 153 residences with 54 one-bedroom duplex units and 99 detached two-bedroom, single-family units totaling 137,043 square feet. Situated near the intersection of Sarival Avenue and Yuma Road, the Goodyear community will feature 151 units in a mix of 60 one-bedroom duplexes and 91 detached two-bedroom, single-family units totaling 132,985 square feet. Upon completion, the projects will offer more than 300 homes with secure private gated entrances, private outdoor space, simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and nine- to 10-foot ceilings. Community amenities will include resort-style pools, clubhouses and outdoor lounge areas with grills.

May 27, 2022

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