Onyx+East, Pretium Form Joint Venture to Invest $600M for Development of Single-Family Rental Homes

INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s …

Taylor Morrison to Develop 240-Unit Single-Family Rental Community in Metro Houston

CYPRESS, TEXAS — Arizona-based homebuilder Taylor Morrison (NYSE: TMHC) will develop a 240-unit single-family rental (SFR) community in the northwestern Houston suburb of Cypress. Homes will come in one-, two- and three-bedroom formats and will range in size from approximately 750 to 1,250 square feet. Communal amenities will include a pool, fitness center, event lawn and a dog park. Christopher Todd Communities will operate and manage the property. Initial occupancy is slated for late

Core Spaces, Harrison Street Launch $1.5B Build-to-Rent Joint Venture

CHICAGO — Chicago-based Core Spaces and Chicago-based Harrison Street have formed a joint venture that will invest up to $1.5 billion for the development and acquisition of single-family build-to-rent (BTR) communities in major metro areas across the U.S. Core Spaces formed its existing BTR platform in 2020. The joint venture’s BTR pipeline represents approximately $2.5 billion in total capital and more than 6,500 units in markets such as Austin, Denver, Dallas, Orlando and Nashville. To …

Berkadia Arranges Acquisition Loan for 144-Unit Build-to-Rent Community in Kyle, Texas

KYLE, TEXAS — Berkadia has arranged an undisclosed amount of acquisition financing for Urbana at Plum Creek, a 144-unit build-to-rent community in the southern Austin suburb of Kyle. The property was built in 2021 within the Plum Creek master-planned development. Homes come in one-, two- and three-bedroom formats and range in size from 632 to 1,246 square feet. Communal amenities include a pet park with washing stations, a pool and an outdoor lounge with a fire pit and grilling spaces. Scott …

Inland Real Estate Purchases Single-Family Rental Community Near Denver from NexMetro for $63.1M

BRIGHTON, COLO. — Phoenix-based NexMetro Communities has completed the disposition of Avilla Prairie Center, a purpose-built single-family-rental community in Brighton. Chicago-based Inland Real Estate Group of Cos. acquired the asset for $63.1 million, or $464,000 per unit.Located at 2103 Peregrine Drive, Avilla Prairie Center features 136 homes. Inland has purchased two other Avilla Homes communities from NexMetro.Dave Potarf, Matt Barnett, Dan Woodward and Jake Young of Walker …

Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest

Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? [caption id="attachment_306484" align="alignright" width="100"] Todd …

Fundrise Acquires 163-Unit Single-Family Rental Community in Houston

HOUSTON — Fundrise, an investment firm with roughly $1.7 billion in assets under management, has acquired Balcara at Balmoral, a 163-unit single-family rental (SFR) community in northeast Houston. Homes at Balcara at Balmoral feature one-, two- and three-bedroom floor plans, as well as garages and backyards. Amenities include a clubhouse, leasing center and a children’s play area. Fundrise acquired the 20-acre community from Houston-based Balcara Group and Dallas-based Montgomery Street …

InterFace Panel: Site Costs, Entitlements Processes Contribute to Build-to-Rent Projects’ Unique Risk Profile

ATLANTA — The build-to-rent (BTR) space boasts a scintillating story of short-term success, driven by demand from households that rent by choice and want the feel and privacy of owning a home without dealing with maintenance and paying property taxes.Building to rent involves developing residential properties with the explicit, predetermined purpose of renting them. This differs from single-family rental (SFR), a more established practice of buying existing single-family homes and renting …

PCCP, Watermark to Develop 89-Unit Build-for-Rent Community in Woodbury, Minnesota

WOODBURY, MINN. — A joint venture between PCCP and Watermark Cos. has unveiled plans to develop Canvas at Woodbury North, an 89-unit build-for-rent (BFR) community in Woodbury near St. Paul. The development team plans to deliver the first homes in fall 2022, with final completion slated for fall 2023. The project marks the joint venture’s second BFR community on the east side of the Twin Cities. The unit mix will consist of two-, three-, four and five-bedroom floorplans ranging from 1,200 …

Christopher Todd to Develop 316-Unit Single-Family Rental Community in Denton

DENTON, TEXAS — Christopher Todd Communities will develop a 316-unit single-family rental community in Denton. Homes will come in one-, two- and three-bedroom formats and will range in size from 750 to 1,250 square feet. Amenities will include a pool, fitness center and a dog park. David Davidson Jr., Edward Bogel and Ryan Turner of Davidson & Bogel Real Estate brokered the sale of the land. Construction is scheduled to begin in the second quarter, with the first move-ins slated for late …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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