PHOENIX, AZ – Christopher Todd Communities, one of the country's leading innovators in the Build To Rent Housing segment, continues to evolve to quench the seemingly insatiable appetite for single family homes after the sale of the largest Build To Rent property (by unit) completes was counting) in the nation.
The purchase of Christopher Todd Communities At Stadium, a 313 home community in Phoenix, Arizona, was facilitated by Matthew Tice, Senior Vice President of Inland Real Estate Acquisitions, LLC, on behalf of a subsidiary of the Inland Real Estate Group of Companies, Inc. The deal was brokered by Trevor Koskovich, President of Investment Sales at NorthMarq, Jesse Hudson, Vice President, and Bill Hahn, Executive Vice President.
"Investor appetite for the built-to-rent communities has exploded in the past two years. Christopher Todd Communities is leading the way. We are seeing not only demand from institutional investors, but also increasing interest from the lender community of capital for the sector" said Koskovich.
NorthMarq also arranged funding for the purchase through its Fannie Mae relationship.
This domestic community sale is the final component of a multi-community transaction announced in March this year that involved five Christopher Todd communities in the greater Phoenix area with a total of 943 apartments. These five churches were the first to develop when the company embarked on a path to disrupt the multi-family industry. All communities have been developed and are 100% owned by Christopher Todd Communities.
"We are so proud that all of our communities are enjoying unprecedented rental rates even during the height of the pandemic," said Todd Wood, CEO of Christopher Todd Communities.
The communities consist of single-story, pet-friendly single-family homes and are less dense than typical apartment buildings. There is no one above or below the apartment. The keyless door entrance makes it easier to get in and out with a minimum of material. and the private backyards give people the space to be socially distant while still maintaining a sense of connectedness. Resort-style amenities are included in each of these condominiums.
As part of the sale, each community will retain the Christopher Todd Communities brand, adding value to this transaction.
"We were extremely grateful for the incredible demand that our innovative rental product has generated from both investors and consumers and that is driving our business forward. As part of our national expansion, we announced that Greystar will take over the management of two existing communities in the Phoenix area with other parishes may be in the pipeline, "Wood added.