Single-Family Rental

DEERFIELD, ILL. — JLL Capital Markets has secured a $45.7 million construction loan and a $9.9 million mezzanine loan for Park5 Luxury Rental Townhomes, a 144-unit build-to-rent community in the northern Chicago suburb of Deerfield. Located just west of I-94, Park5 will feature two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages and private yards. Matthew Schoenfeldt and Mary Dooley of JLL secured the senior construction loan through Bank OZK and the mezzanine financing through an insurance company on behalf of the borrower, VennPoint Real Estate. Dan Reynolds and Chris Cummins of JLL consulted on selling the land for $10.2 million on behalf of the seller, Quadrangle.

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MINNESOTA AND NORTH DAKOTA — Cushman & Wakefield has brokered the sale of a portfolio of 601 recently developed build-to-rent homes located throughout the Fargo/West Fargo/Moorhead metro areas in the bordering states of North Dakota and Minnesota. The sales price was undisclosed, but the price is the highest valued multifamily sale in North Dakota’s history, according to Cushman & Wakefield. Units range from three to five bedrooms, and the homes average 7.2 years old. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller, Meridian Mortgage LLC. An affiliate of Christianson Cos. was the buyer.

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THE WOODLANDS, TEXAS — Marquette Cos., an Illinois-based developer, has begun leasing The Sylvan, a 300-unit residential project located about 30 miles north of Houston in The Woodlands. The Sylvan consists of 188 single-family rentals and townhouses and 112 apartments. Single-family homes feature three- and four-bedroom floor plans, range in size from 1,495 to 1,805 square feet and include private yards and garages. Ranging from 1,456 to 1,581 square feet, townhomes have two- and three-bedroom floor plans with attached garages and private outdoor space. Apartments come in one-, two- and three-bedroom formats and range in size from 650 to 1,574 square feet. Amenities include a clubhouse, pool, fitness center and walking paths. Rents start at $1,700 per month for a one-bedroom unit. Construction of The Sylvan began in October 2023.

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LEWIS CENTER, OHIO — A joint venture between Buckingham and Onyx+East has broken ground on a 120-unit build-to-rent (BTR) community in Lewis Center within Orange Township. Named Mural Lewis Center, the development is part of Buckingham’s Mural Collection. The two- to four-bedroom homes will range from 902 to 2,685 square feet and include attached two-car garages and private outdoor spaces. All home and yard maintenance is included, and residents can enjoy a playground, pavilion, dog park, community garden, fire pit and walking trails. The first units will be available for rent beginning in December. Mural Lewis Center comes on the heels of Onyx+East and Buckingham’s first BTR project, Mural Brownsburg, located in suburban Indianapolis.

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BROWNSBURG, IND. — A joint venture between Buckingham and Onyx+East has broken ground on Mural Brownsburg, a 165-unit build-to-rent (BTR) community in the Indianapolis suburb of Brownsburg. The development is part of Buckingham’s Mural Collection. Phase I is underway at the intersection of US 136 and Northfield Drive. The three- and four-bedroom homes will range from 1,572 to 2,086 square feet. Under Buckingham’s property management, all Mural Brownsburg home and yard maintenance is included. Residents will enjoy walking paths, a neighborhood clubhouse and pool. The first units are expected to be available for rent beginning in October. Mural Brownsburg marks the first BTR venture for both Onyx+East and Buckingham. Onyx+East’s expertise is in for-sale single-family and townhome construction and Buckingham’s experience is in multifamily investment and management.

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SAN ANTONIO — California-based mortgage banking firm Slatt Capital has arranged an $11.2 million bridge loan for Villas at Bella Vista, a 43-unit, newly constructed build-to-rent project in San Antonio. The property is located on the city’s west side and offers three- and four-bedroom townhomes with an average size of 1,840 square feet that also feature private backyards and attached garages. Rents at the property start at $2,380 per month. John Darrow and Dominic Sestito of Slatt Capital arranged the loan through Los Angeles-based lender Arixa Capital. The undisclosed borrower will use the proceeds to retire construction debt and fund lease-up costs.

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CHANDLER, ARIZ. — Scottsdale, Ariz.-based Porter Kyle has broken ground on The Wayne, a $60 million multifamily build-to-rent (BTR) project situated on an infill site at 1535 N. Dobson Road in Chandler. The first units are slated for delivery in spring 2026. The community will feature 100 one-, two- and three-bedroom rental homes offering two-car direct-access garages and private backyards. Community amenities will include a resident clubhouse with coworking spaces, private offices, a gym, swimming pool and outdoor kitchen, as well as a dog park and community trail system.

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PHOENIX — JLL has arranged a $271.9 million recapitalization of an eight-property build-to-rent (BTR) residential portfolio in Arizona, Colorado and Texas. Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon of JLL arranged the debt and equity financing placements on behalf of the borrower, NexMetro, a Phoenix-based BTR developer behind the Avilla Homes brand. The new financing infusions include the assumption of $206 million in agency financing and $65.9 million of preferred equity from Stockbridge. The properties were developed between 2018 and 2019 and include Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing and Avilla Meadows in Arizona; Avilla Buffalo Run in Commerce City, Colo.; and Avilla Northside and Avilla Heritage in the Dallas-Forth metroplex markets of McKinney and Grand Prairie, respectively. The eight properties total 1,061 units. The most recent recapitalization allows NexMetro to return capital to investors while continuing to tackle its development pipeline, which comprises 60 projects across the Sun Belt in various stages of completion. JLL also closed a previously announced round of financing that included a $78.7 million equity investment from Artemis and $160 million of debt from Blackstone for four NexMetro BTR properties in Arizona …

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JOHNS ISLAND, S.C. — General contractor Center Park Group has delivered the first tranche of townhomes at Sanderling, a 56-unit build-to-rent (BTR) residential community located at 3021 Maybank Highway in Johns Island, about 13 miles south of Charleston. Atlanta-based RangeWater Real Estate is providing property management services at Sanderling on behalf of the owners, Equus Development Partners and Circle Squared Alternative Investments. Center Park expects to deliver all BTR homes at Sanderling by March. Units span up to 1,443 square feet and come in two- and three-bedroom configurations with one-car garages and front porches. Community amenities include a dog park and three acres of forested land with walking trails throughout.

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SAN ANTONIO, FLA. ­­— Coastal Ridge has broken ground on Stillwell Pasco Station, a 277-unit build-to-rent community located in San Antonio, about 30 miles north of Tampa. The development will feature a mix of one-, two and three-bedroom homes measuring up to 1,300 square feet. The single-bedroom units will be designed as attached duplex-style homes, while the two- and three-bedroom houses will be detached. The carriage-style units will feature private one-car garages. Amenities will include a 5,000-square-foot clubhouse and fitness center, lounge, game room, resort-style pool, fire pits, grilling areas, outdoor walking trails and dog parks. BBL is serving as the general contractor, the project architect is KTGY, the engineering and landscape architect is Kimley-Horn and the interior designer is HPA. The first homes are slated for completion in early 2026.

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