TerraLane Communities, a premier developer of luxury single-family rental homes, announces its official company launch. TerraLane is bringing high-tech, spacious and maintenance-free living to select Western U.S. markets, beginning with Greater Phoenix. The firm has offices in Scottsdale, Ariz. and Newport Beach, Calif., and is headed by Chief Executive Officer, Steven La Terra. With approximately $250 million in assets already under development, TerraLane is building more than 1,100 upscale rental homes across five communities in Metro Phoenix within the next two years. The firm’s outlook is to expand quickly into targeted western geographies and increase its offerings with additional new housing products.
“TerraLane Communities is creating an upscale, secure and spacious living experience for renters in one of the most rapidly expanding regions of the U.S.,” said La Terra. “Phoenix is now the fifth largest city in the U.S. with hundreds of new residents moving into the Valley daily. TerraLane’s communities are built with a heightened focus on technology, functionality and accessibility, and we believe that we are delivering a truly special product. Our team is excited to officially introduce TerraLane Communities to the Valley and the broader Western market.”
TerraLane’s five existing communities include:
• TerraLane at Canyon Trails, located at 195 N. 173rd Avenue, Goodyear, Ariz., is open and actively leasing homes to new residents. The community includes 263 total homes, 120 of which are currently leased. Phase 4 recently opened with Phase 5 nearing completion.
• TerraLane on Cotton, located at 17180 W. Sweetwater Avenue, Surprise, Ariz., is in various stages of development from poured slabs, to framing and stucco. The project includes 245 total homes scheduled to hit the market during Q1 2022.
• TerraLane at South Mountain, located at 8449 S. 59th Avenue, Phoenix, Ariz., is open and actively leasing Phase 2. The community includes 148 total homes, of which 51 are currently leased. Phases 3 and 4 are underway with stucco and framing.
• TerraLane at Canyon Trails South, located immediately south of TerraLane at Canyon Trails along 173rd Avenue in Goodyear, Ariz., will include 299 homes at completion. Development of the project site is underway with clearing and grading complete. The community is scheduled to open in Q1 2023 after TerraLane at Canyon Trails is completely leased.
• TerraLane at Park McDowell, located at 2250 N. 95th Avenue, Phoenix, Ariz., will include 163 total residences at completion. The project is in development with slab pouring scheduled to start in Q1 2022. Community opening is anticipated in Q4 2022.
TerraLane residences are efficiently designed with open layouts and floorplans that are consistent across all of the firm’s existing properties. Plan 1 is a 642-square-foot one-bedroom, one-bathroom single-family home and Plan 2 is a 995-square-foot two-bedroom, two-bathroom single-family detached home. Both plans include spacious, fenced-in private backyards that are finished with landscaping, Astro turf and paver patios.
Technology is at the forefront of TerraLane’s strategic approach and a major differentiator for the firm. Fiberoptic cabling is installed in every TerraLane home, which is unique within the build-for-rent industry and allows for seamless integration of future technologies as they advance. This enhanced feature allows TerraLane to provide its residents a distinctively simplified, smart and secure rental home.
Every TerraLane home is equipped with a Honeywell’s Smart Home system, which consists of voice-activated technology, self-monitored alarm system, keyless entry and other security features such as facial recognition guest entry. Wi-Fi routers are pre-installed in each home to provide ultra-high-speed internet, or 1 Gigabit per second (Gbps), enabling high functionality for downloading movies/videos and holding videoconferences with ultra-high definition.
TerraLane’s home interiors are outfitted with gourmet modern kitchens and feature upscale finishes throughout such as hardwood-inspired plank flooring, granite countertops with custom, contemporary cabinetry and stainless-steel appliances. All units include a washer and dryer. The homes are pet-friendly, suited for both cats and dogs, with pet-doors that lead to the backyards.
With resort-inspired amenities, TerraLane’s communities are designed to provide a luxury retreat-like experience for its residents. All existing or planned communities will have controlled, gated access and will include an expansive, heated swimming pool and jacuzzi, outdoor poolside sunning deck, ramada and flat-screen TV, in addition to barbecue grilling stations and an outdoor fire pit with seating. Complementary Wi-Fi will be provided throughout the common amenity areas. As pet-friendly communities, all TerraLane properties will have access to plenty of walking trails and parks.
“The demand for build-for-rent homes in the Valley is high as the area is experiencing historic economic and demographic growth,” added LaTerra. “TerraLane is expanding remarkably fast and is underway with plans to increase its portfolio with more modern high-quality assets in locations throughout the West with strong economic fundamentals. We are deliberately targeting sites that can offer TerraLane residents convenient access to transportation, employment and services.”
As CEO of TerraLane, La Terra is responsible for all aspects of company’s operations. He focuses his efforts on the evaluation of new opportunities, portfolio management and investor/partner relations. TerraLane’s advisory board includes a formidable roster of exceptionally experienced leaders within the homebuilding industry. Board members include professionals from IHP Capital Partners, including Douglas Neff, co-founding principal and chief executive officer, Donald Grant, co-founding principal and executive vice president, Richard Whiteley, co-president and chief operating officer, Christopher Bley, co-president and chief investment officer, and Doug Abbey, co-founder.
“We are pleased with TerraLane’s momentum out of the gate as a dynamic new creator of build-for-rent homes,” said Whiteley. “Backed by a large private investment group and run by a highly experienced team, TerraLane Communities is positioned to outperform its competitors and continue its trajectory of growth by delivering unique new rental home communities with upscale features and amenities.”
TerraLane is actively seeking additional locations for its next community development and is pursuing talented individuals to join its team to support the firm’s rapid growth.