Christopher Todd Capital Purchases Arizona BTR Community for $57 Million
2024年4月25日 - 10:19PM
ビジネスワイヤ(英語)
The completed development is the first acquisition for the
company
Christopher Todd Capital has completed its first purchase of a
newly-completed Build-to-Rent (BTR) community in Avondale, Arizona,
part of Phoenix metro. The company, with offices in Arizona and
Florida, purchased the community for approximately $57 million,
which is well below what it would cost to build from the ground up
today. The Class A fully amenitized community includes 217 one- and
two-bedroom homes. It is adjacent to the City’s 90-acre Friendship
Park. The seller is WS Avondale 1, LLC.
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The Cottages at McDowell, located in the
greater Phoenix area, has been purchased by Christopher Todd
Capital. The Build-to-Rent community is the first acquisition for
the company, a part of Christopher Todd Communities, the successful
BTR innovator. (Photo: Business Wire)
Christopher Todd Capital is a privately held family office and a
sister company of Christopher Todd Communities, the nation’s most
respected BTR cottage-style brand and innovator in developing
single-story rental communities. The firm’s capital, coupled with
its BTR focus, proven playbooks, in-house construction, asset
management, and branding make it a unique force for both
acquisitions and future development.
“Christopher Todd has been patiently watching the market for
deals that make sense. In the past we have developed our own
communities and collaborated with a national builder partner to
help enter new markets. In 2024 and 2025 our strategy is to secure
sites for our own development and building opportunities, as well
as purchase completed communities that match our communities’
lifestyle and our financial criteria,” said Todd Wood, CEO of
Christopher Todd.
Brent Long, a longtime real estate veteran is heading up
Christopher Todd Capital. “We are unique in that we have
substantial liquidity along with deep expertise in this space. In
the long run, the BTR sector is poised for significant growth,
albeit with some short-term challenges. Our long-term perspective
motivates us to be proactive purchasers in today’s environment,”
Long said.
Real estate research guru, John Burns agrees that opportunistic
purchases, like the one Christopher Todd has just executed, are the
gems right now. “It is a great time to buy BTR communities from
operators who have not maximized the net operating income to date,
which is many of them. The best purchases will be made by companies
who can improve the NOI through better revenue maximization and
expense minimization.”
Christopher Todd Capital acquires communities that complement
the Christopher Todd portfolio of rental communities. It targets
opportunistic properties in prime locations, from $20-$80 million,
and can include newly constructed or stabilized BTR, cottage-style
and select multifamily properties. Target markets presently include
Phoenix, Florida, Texas, the Carolinas, and Utah. “The Cottages at
McDowell feels and looks very much like the other Christopher Todd
projects around the Phoenix metro area. We see this as an
opportunity where we can optimize resident engagement, delivering a
superior experience and higher revenues,” said Wood.
Each home in the Cottages at McDowell has smart home technology
including doorbell camera and motion sensor, smart thermostat,
water heater moisture sensor, one GB internet, USB ports, streaming
service and more. Pet doors allow easy access for Fido to enjoy the
private maintenance-free backyard. The community amenities include
green belts, two resort-style pools, 24-hour fitness center and
direct access to Friendship Park, a robust City park that offers
ball fields, walking paths, a Japanese garden, fishing pond and dog
park among other amenities.
About Christopher Todd
Capital:
In addition to expanding the Christopher Todd Communities brand
nationally, Christopher Todd Capital is purchasing and investing in
BTR and traditional multifamily assets. The company also purchases
performing or nonperforming debt or equity, or places fresh capital
into niche real estate assets. www.Capital.ChristopherTodd.com.
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Martha Moyer Wagoner mwagoner@ChristopherTodd.com
602.861.8006