PHOENIX, AZ - Christopher Todd Communities, one of the nation's leading innovators in the Build To Rent housing segment, continues to evolve to feed the apparent insatiable appetite for single-family rentals after consummating the sale of the largest Build To Rent property (by unit count) in the nation.
The purchase of Christopher Todd Communities At Stadium, a 313-home community located in Phoenix, Ariz., was facilitated by Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC on behalf of an affiliate of The Inland Real Estate Group of Companies, Inc. The deal was brokered by NorthMarq's President of Investment Sales Trevor Koskovich, Vice President Jesse Hudson, and Executive Vice President Bill Hahn.
"The investor appetite for the Built-To-Rent communities has exploded in the last two years, with Christopher Todd Communities leading the way. Not only are we seeing demand from institutional investors, we also have seen increasing interest from the lender community to bring capital to the sector," said Koskovich.
NorthMarq also arranged the financing for the purchase through its Fannie Mae relationship.
This community sale to Inland is the final component of a multi-community transaction announced in March of this year which included a total of five Christopher Todd Communities in the greater Phoenix metro area, with a combined 943 homes. These five communities were the first to be developed as the Company embarked on a path to disrupt the multi-family industry. All communities were developed and wholly owned by Christopher Todd Communities.
"We are so proud that all of our communities experience unprecedented high rent rates, even during the height of the pandemic," said Todd Wood, CEO of Christopher Todd Communities.
Comprised of single-story, single-family pet-friendly smart homes, the communities are less dense than typical multi-family, with no one above or below, the keyless door entry makes it easy to come and go with minimal touching of materials, and the private backyards give people the space to be socially distant, yet maintain a sense of connection. Resort-style amenities are included in every one of these gated communities.
As part of the sale, each community will retain the Christopher Todd Communities brand, bringing added value to this transaction.
"We have been extraordinarily grateful for the incredible demand our innovative rental product has commanded, both from the investor side as well as the consumer side, propelling our company. As a part of our national expansion we have announced that Greystar will assume management of two existing communities in the Phoenix area, with more communities potentially in the pipeline," added Wood.