Christopher Todd Communities has announced the sale of five of their branded, innovative, luxury, single-family home rental communities in the Phoenix metro area. This purchase was facilitated by Inland Real Estate Acquisitions, LLC on behalf of an affiliate of The Inland Real Estate Group of Companies, Inc. (“Inland”).
Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Place in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park were all included in today’s closing. Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix, are pending and will close relatively soon thereafter. A total of 943 homes were included in this transaction.
These communities, wholly-owned by Christopher Todd Communities, LLC, were the first to be developed as the company embarked on a path to disrupt the multi-family industry with smart gated communities, pet-friendly one- and two-bedroom single-family smart homes, private backyards, and resort-style luxury amenities.
Oak Brook, Ill-based Inland is one of the nation’s largest commercial real estate and finance groups. As part of the sale, each community will retain the Christopher Todd Communities name and branding, bringing added value to this transaction.
“Over the last three years, we have created a dynamic combination of home designs, lifestyle, technology and resident engagement that are intricately tied to the Christopher Todd Communities brand. That brand commands faster lease ups, 25-30% higher rent rates, and 50% higher resident retention, which all lead to a strong investor value. There is financial significance in what we have created, and Inland understands that. They are very savvy investors with in-house expertise commensurate with their $2 billion worth of real estate purchases over the last 18 months alone,” said Todd Wood, CEO of Christopher Todd Communities.
Christopher Todd Communities has been a multi-family disrupter with its innovative rental concept and is on the fast track for national expansion. The company recently announced an exclusive strategic partnership with national homebuilder, Taylor Morrison, to bring these gated rental communities to new markets outside of Arizona. To date, plans include creating additional Christopher Todd Communities in Dallas, Texas; Charlotte, N.C.; and Orlando, Fla.
NorthMarq’s team, which included President of Investment Sales Trevor Koskovich, Vice President Jesse Hudson, and Executive Vice President Bill Hahn, brokered the sale and represented the buyer and seller. According to Koskovich, this exciting new product type is in high demand, evidenced by the extraordinary number of qualified offers received on the portfolio. “Choosing the ultimate buyer from the pool of interested buyers was not easy. Institutional buyers were drawn to this product type because of its appeal to a wide range of high-income tenants, including Millennials and empty-nesters.” Acquisition financing for the portfolio was arranged by James DuMars and Griffin Martin, managing directors of debt and equity for NorthMarq’s Phoenix office.