DALLAS – (Realty News Report) – Homebuilder Taylor Morrison, in partnership with Christopher Todd Communities, has acquired six land parcels for build-to-rent single-family communities in the Dallas-Fort Worth area.
The six projects will combine for over 1,300 residences on the ground in the next few years. Each community will be branded as a Christopher Todd Community Built By Taylor Morrison.
The first site under development, Christopher Todd Communities At Dechman, is located in Grand Prairie and targeted for initial leases later this year. Christopher Todd Communities At Dechman and others will include primarily one- and two- bedroom single-story homes with individual backyards and pet doors.
The newly purchased land sites are located in Grand Prairie, Celina, Denton, Melissa, Lavon and Saginaw
“It’s been great working with the municipalities as our product type was well received and we cater to not just future homeowners but what we call renters by choice,” said Sunny Patel, Taylor Morrison’s Build-to-Rent, Director of Land Acquisitions.
Scottsdale, Ariz.-based Taylor Morrison is, ranked as the fifth-largest home builder in the nation. Taylor Morrison and Christopher Todd are working on projects in the Houston area, Todd Wood, CEO of the build-to-rent firm told Realty News Report in December, in an interview at the NAREE conference in Miami.
The Build-To-Rent sector has emerged in popularity because it offers backyards and amenities that are similar to a single-family neighborhood in the suburbs. The popularity grew during the pandemic when open space and multifamily’s crowded corridors and elevators seemed unsafe to many. With home affordability in decline, rental homes became an attractive option across the nation – and they offered more space.
A lot of the momentum for the Build-To-Rent product comes from single-family home builders that venture into rental homes. But there are exceptions: Clay Development of Houston, for example, was primarily known as an industrial real estate firm before recently launching a Build-to-Rent company.
BTR Project Underway Near Texas’ Oldest Dance Hall
The Embrey Partners, a major San Antonio-based multifamily developer, recently announced it is entering the BTR space. Embrey Partners, a San Antonio-based multifamily developer, is entering the red hot single-family for-rent sector with a project in the historic Gruene community, near New Braunfels.The Embrey project will be within spittin’ distance of Gruene Hall, founded in 1878, which bills itself as “Texas’ Oldest Dance Hall.” Over the years, Gruene Hall has hosted Willie Nelson, the late Jerry Jeff Walker, George Strait, Merle Haggard and Gregg Allman of the Allman Brothers.
“Our build-to-rent division is off to a great start in DFW,” said Taylor Morrison Build-to-Rent National President Darin Rowe. “We’ve expanded Taylor Morrison’s customer base to include a segment of consumers who seek maintenance-free peace of mind without sacrificing the lifestyle of a single-family community. There is a huge demand for this product among Gen Z, millennials and baby boomers, and they love that they can count on Taylor Morrison’s recognized quality and integrity.”
Taylor Morrison continues to seek additional for-rent opportunities in North Texas and across other markets in Texas, Arizona, Florida and North Carolina.
March 14, 2022 Realty News Report Copyright 2022
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Photo courtesy Taylor Morrison
File: Six Community Sites Acquired for BTR Projects
File: Christopher Todd . Six Community Sites Acquired in DFW area. Taylor Morrison. Darin Rowe