Christopher Todd Communities has started preliminary construction on its fifth luxury rental community this year in the Phoenix metro area. These innovative “horizontal” communities are single-story, single-family homes with private backyards and offer an alternative to traditional apartment living. Each home is one- or two-bedrooms, ranging in size from approximately 700 square feet to over 1,000 square feet, depending upon location. Every home has private backyard living and all are pet-friendly, with doggy doors as a standard feature. “We have created a new way to live that is resonating with the market,” noted CEO Todd Wood.
The first community will open in early December and already is 40 percent pre-leased, with 1000 people on the interest list. Christopher Todd Communities locations are:
- Greenway and Litchfield Roads, Surprise
- 99th Avenue and Lower Buckeye Road, Phoenix
- Camelback and El Mirage Roads, Maricopa County
- 99th Avenue and Missouri, Phoenix
- Marley Park planned community, Surprise
A similar number of new communities are planned for 2018 in the Phoenix metro area. Meantime the company is evaluating opportunities to create new communities in other parts of Arizona, as well as out of state. Christopher Todd Communities is the developer, Hancock Communities is the company’s home building contractor, and Mark-Taylor Residential oversees leasing and property management.
Wood, an Arizona entrepreneur, has a robust appetite for development. “We believe the timing is right for these kinds of communities. The valley needs quality rental housing and we have something that is unique,” he noted. The Millennials are a key market for Christopher Todd Communities as they delay families and home purchases. Equally important are Baby Boomers, some of whom are selling their homes and prefer the carefree and maintenance-free lifestyle of a rental community.
“Phoenix is at the forefront of this emerging product type and we have clients planning and considering these developments all over the United States. It is a residential space that should expand and mature over the next few years,” said Tim Sullivan, managing principal of Meyers Research in Solana Beach, California.
Christopher Todd Communities neighborhoods are gated, with event lawn, beautiful outdoor pool, firepits and ramadas. Smart home technology is standard with every home including doorbell camera, keyless door entry, lighting and climate control all via a smart phone or tablet.
Giving back to the community is a hallmark of Christopher Todd Communities, which created a 501 (c) 3 non-profit organization called A New Lease on Life. With every new community, the company identifies a neighborhood need and offers a hand up to an individual or family. In the case of the first two communities, Christopher Todd Communities is working with The Veterans Directory to identify an honorably discharged veteran or their surviving family who will receive three years of rent assistance, the first year being free. “This enables a returning veteran to make an easier transition into civilian life,” noted Joanna Sweatt, COO of The Veterans Directory.