Single-Family Rental

Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina

by John Nelson August 1, 2024

OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.

August 1, 2024

Acquisitions Build-to-Rent Single-Family Rental Texas

JLL Brokers Sale of 284-Unit Build-to-Rent Residential Community in Northwest San Antonio

by Taylor Williams July 29, 2024

SAN ANTONIO — JLL has brokered the sale of Cottages at Leon Creek, a 284-unit build-to-rent (BTR) residential community in northwest San Antonio. The development’s two-story homes come in two-, three- and four-bedroom formats, and some residences feature fenced-in private yards. Amenities include a pool, fitness center, cinema, private workstations and pickleball courts. Cottages at Leon Creek was 92 percent occupied at the time of sale. Robert Arzola, Ryan McBride, Robert Wooten, Matthew Putterman and Daniele Colbertaldo of JLL represented the undisclosed seller in the transaction. Jayme Nelson, Brian Carlton and Leon McBroom, also with JLL, arranged acquisition financing for the deal on behalf of the undisclosed buyer.

July 29, 2024

Acquisitions Build-to-Rent Multifamily North Carolina Single-Family Rental Southeast

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson July 24, 2024

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

July 24, 2024

Acquisitions Build-to-Rent Indiana Midwest Single-Family Rental

Marcus & Millichap Brokers Sale of 142-Unit Build-to-Rent Community in Greenfield, Indiana

by Kristin Harlow July 24, 2024

GREENFIELD, IND. — Marcus & Millichap has brokered the sale of Sandalwood West, a 142-unit build-to-rent community in the eastern Indianapolis suburb of Greenfield. The sales price was undisclosed. Completed in 2023, the property features a mix of three-, four- and five-bedroom homes. Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. The property is situated in Hancock County, which is experiencing multifamily vacancy of 1.5 percent and rental growth of 11.4 percent over the past 12 months, according to Harris.

July 24, 2024

Build-to-Rent Development Midwest Ohio Single-Family Rental

Cafaro Co. Nears Lease-up of Villas at Sandy Creek Townhome Rental Community in Sandusky, Ohio

by Kristin Harlow July 15, 2024

SANDUSKY, OHIO — Cafaro Co. is nearing the lease-up of its Villas at Sandy Creek townhome rental community in Sandusky, about 60 miles west of Cleveland. The 126-unit property marks a pivot for Cafaro, which focused on the development of retail centers for 75 years. In 2022, Cafaro partnered with Crossroads Group LLC to transform 15 acres of Sandusky Mall into multifamily use. Villas at Sandy Creek offers two floor plans — two-bedroom ranch suites and two-story, two-bedroom townhouses. Both types offer private entrances and attached garages. Tenants have access to a community clubhouse. Monthly rents range from $1,575 to $1,645. Sandusky Mall opened in 1976 and totals more than 1 million square feet of retail space.

July 15, 2024

Build-to-Rent Development Features Multifamily Single-Family Rental

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Jeff Shaw July 2, 2024

— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home. New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals. Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses. In the past month, Oxenfree has hosted nearly 50 in-person tours and …

July 2, 2024

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Klotz, Longleaf to Develop $250M Residential Project in North Myrtle Beach, South Carolina

by John Nelson June 25, 2024

NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to soon break ground on The Preserve, a $250 million residential development in the coastal city of North Myrtle Beach. The plans for the 110-acre project call for 370 luxury apartments, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. Situated between the Intercoastal Waterway and the Carolina Bays Parkway, The Preserve will eventually be a part of a planned development district (PDD) that will feature more than 3,500 dwelling units and 1 million square feet of commercial space, including a 165,000-square-foot Amazon delivery facility. The construction timeline was not disclosed, but Klotz and Longleaf plan to break ground on The Preserve this summer.

June 25, 2024

Build-to-Rent Loans Single-Family Rental Texas

Tower Capital Originates $47.4M Construction Loan for Build-to-Rent Project Near San Antonio

by Taylor Williams June 7, 2024

NEW BRAUNFELS, TEXAS — Tower Capital, an Arizona-based boutique advisory firm, has originated a $47.4 million construction loan for Village at Mayfair, a 217-unit build-to-rent residential project that will be located in the northeastern San Antonio suburb of New Braunfels. The project’s 20-acre site will be part of the 1,900-acre Mayfair master-planned community. The cottage-style homes will have an average size of 1,023 square feet and will include private patios/yards. Amenities will include a pool, fitness center, outdoor grilling and dining stations and a clubhouse. The borrower is Arizona-based Empire Group of Cos. Construction will begin in the coming weeks, and the first homes are expected to be available for occupancy in the third quarter of 2025.

June 7, 2024

Acquisitions Build-to-Rent Single-Family Rental Texas

JLL Brokers Sale of 97-Unit Build-to-Rent Residential Property in Katy, Texas

by Taylor Williams June 6, 2024

KATY, TEXAS — JLL has brokered the sale of Banyan Kingsland Heights, a 97-unit build-to-rent residential complex located in the western Houston suburb of Katy. Built on 27 acres in 2021, Banyan Kingsland Heights features three- and four-bedroom floor plans with an average size of 1,876 square feet. Matthew Putterman, Jim Humphries, Daniele Colbertaldo and Rhett Robins of JLL represented the seller, Los Angeles-based Banyan Residential, in the transaction. The buyer was not disclosed.

June 6, 2024

Build-to-Rent Development Illinois Midwest Single-Family Rental

Redwood to Open 140-Unit Build-to-Rent Community in Aurora, Illinois, This Summer

by Kristin Harlow May 23, 2024

AURORA, ILL. — Redwood Living Inc. is nearing completion of Redwood Aurora, a 140-unit build-to-rent community in the Chicago suburb of Aurora. The single-story development will offer eight different floor plans ranging in size from 1,294 to 1,709 square feet. Each of the homes will feature two bedrooms, two bathrooms and a two-car garage. The property is located at 1241 Coffeeberry Lane near I-88. Monthly rents will start at $2,649. Redwood has developed more than 18,000 single-story apartment homes.

May 23, 2024

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