Christopher Todd Communities has sold the Christopher Todd Communities at Stadium, a 313-home built-to-rent community in Phoenix to an affiliate of The Inland Real Estate Group of Companies for an undisclosed price, marking the largest built-to-rent property sale by unit count in the nation.
“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,” says Trevor Koskovich, president of investment sales at NorthMarq, which brokered the transaction.
This community sale marks the final part of a multi-community transaction involving five Christopher Todd Communities in the greater Phoenix area, which offer a combined 943 homes. The communities include single-story, pet-friendly, single-family smart homes, with keyless door entry, private backyards, and resort-style amenities.
“We are so proud that all of our communities experience unprecedented high rent rates, even during the height of the pandemic,” says Todd Wood, CEO of Christopher Todd Communities. “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.”
Christopher Todd Communities has also announced that Greystar will assume management of two of its existing communities in the Phoenix area, CTC on Happy Valley and CTC at Estrella Commons, and could potentially assume management of more in the future. All communities sold and/or placed under new management will retain the Christopher Todd Communities name branding.
