Friday, July 18, 2025
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Build-to-Rent

Magnolia at Powell
Build-to-RentFloridaLoansMultifamilySoutheast

JLL Arranges $26M Construction Loan for 132-Unit Build-to-Rent Community in Wildwood, Florida

by Abby Cox

WILDWOOD, FLA. — JLL Capital Markets has arranged a $26 million construction take-out bridge loan for Magnolia at Powell, a newly constructed, 132-unit build-to-rent residential community in Wildwood, roughly 50 miles outside Orlando. Max La Cava, Melissa Quinn, Bob Rothaug and Jade Starkey of JLL’s Debt Advisory team arranged the three-year, floating-rate loan on behalf of the borrower, Agador Spartacus Development, through a domestic investment management firm and its international mezzanine debt partner. Completed in January 2025, Magnolia at Powell is situated just outside of The Villages and is currently 40 percent occupied. The complex, which is an age-inclusive housing option, offers one-, two- and three-bedroom townhomes averaging 1,162 square feet in size. Amenities include a resort-style swimming pool, fitness center, pickleball court and a dog park. Monthly rental rates for a one-bedroom townhome at Magnolia at Powell begin at $1,350, according to Apartments.com.

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Colonial-Village-Katy
Build-to-RentDevelopmentLoansSingle-Family RentalTexas

Concord Summit Arranges $25.5M Construction Loan for Metro Houston Build-to-Rent Project

by Taylor Williams

KATY, TEXAS — Concord Summit Capital, a South Florida-based financial intermediary, has arranged a $25.5 million construction loan for Colonial Village, a 103-unit build-to-rent residential project that will be located in the western Houston suburb of Katy. The development will consist of 88 two-bedroom and 15 three-bedroom duplex-style homes on a 7.9-acre site. Daniel Eidson and Ben Applebaum of Concord Summit Capital arranged the debt, which carries an 88 percent loan-to-cost ratio, on behalf of the borrower, Luminous Homes. The direct lender was not disclosed.

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Build-to-RentDevelopmentSingle-Family RentalTexas

RSK Real Estate to Develop 156-Unit Build-to-Rent Community in Katy, Texas

by Taylor Williams

KATY, TEXAS — Chicago-based RSK Real Estate Partners will develop a 156-unit build-to-rent residential community in the western Houston suburb of Katy. The site spans nine acres along Galileo Way, and the development will feature 103 three-bedroom homes and 53 two-bedroom homes with an average size of 1,600 square feet. Preliminary sitework is underway, and the first homes should be available for occupancy in mid-2026. Rick Ragan and Glenn Dickerson of NewQuest represented RSK in its site selection and land acquisition. Matthew Davis and Kristen McDade of Cushman & Wakefield represented the land seller, Morton Ranch Development LLC.

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Bugalows-San-Tan-Village-Gilbert-AZ
AcquisitionsArizonaBuild-to-RentSingle-Family RentalWestern

Cavan Cos. Sells Build-to-Rent Project in Gilbert, Arizona for $66M

by Amy Works

GILBERT, ARIZ. — Cavan Cos. has sold The Bungalows at San Tan Village, a 159-unit build-to-rent (BTR) community in Gilbert to AEW Capital Management. The sales price was $66 million. Cavan Cos. began construction of the property in 2021 and completed it in 2024. The Bungalows at San Tan Village was 97 percent occupied at the time of closing. The community offers a mix of one-, two- and three-bedroom single-story homes, each featuring private backyards and smart home systems. Amenities include a resort-style lap pool and a hot tub, a fitness studio, dog park, walking trail, playground and a resident clubhouse. The Bungalows is Cavan’s branded BTR product. The company has developed communities in Arizona and Nebraska under this name.

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Humble-Ranch-Atascocita-Texas
Build-to-RentDevelopmentSingle-Family RentalTexas

HSF Provides $36.2M Construction Loan for Build-to-Rent Project in Atascocita, Texas

by Taylor Williams

ATASCOCITA, TEXAS — HALL Structured Finance (HSF) has provided a $36.2 million construction loan for Humble Ranch, a 160-unit build-to-rent residential project that will be located about 25 miles north of Houston in Atascocita. Humble Ranch will offer a mix of one-bedroom duplexes and two- and three-bedroom detached homes, all of which will feature quartz countertops, stainless steel appliances and private fenced yards with patios. Communal amenities will include a clubhouse, business center, pool and a fitness center, as well as access to the 21-acre Atascocita Park. Paul Smyth of Broadsword Investors arranged the loan on behalf of the borrower, Houston-based Lēva Living. Construction is underway and expected to be complete in the third quarter of 2026.

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Build-to-RentDevelopmentSingle-Family RentalTexas

NexMetro Completes 211-Unit Build-to-Rent Project in Cleburne, Texas

by Taylor Williams

CLEBURNE, TEXAS — Phoenix-based developer NexMetro Communities has completed Avilla Railhead, a 211-unit build-to-rent residential project in Cleburne, a southern suburb of Fort Worth. Avilla Railhead offers one-, two- and three-bedroom homes with private front porches, gated backyards, smart-home technology and EV-friendly garages. Amenities include a pool with a lounge area, outdoor pavilion with grilling stations, dog park and gaming areas. Rents start at roughly $1,450 per month for a one-bedroom home.

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Build-to-RentDelawareDevelopmentNortheastSingle-Family Rental

JLAM Underway on 102-Unit Build-to-Rent Residential Project in Lewes, Delaware

by Taylor Williams

LEWES, DEL. — JLAM, an investment and development firm with offices in Delaware and Charlotte, is underway on construction of Lightkeeper’s Village, a 102-unit build-to-rent residential project in the coastal Delaware city of Lewes. The community will feature one-, two- and three-bedroom units and amenities such as a clubhouse, pool, fitness center and common green spaces. The design/build team includes Schell Brothers, regional architecture firm Union, Christiana Excavating and engineering firm Davis, Bowen & Friedel. Leasing is expected to begin before the end of the year.

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AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Berkadia Brokers $31M Sale of Build-to-Rent Community in Metro Charlotte

by John Nelson

INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.

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Build-to-RentDevelopmentSingle-Family RentalTexas

Wan Bridge, Centurion to Develop 201-Unit Build-to-Rent Project in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — A partnership between Wan Bridge, a Texas-based developer of build-to-rent residential communities, and Centurion American Development Group will build Frontera Shores Townhomes, a 201-unit project that will be located in the northern Dallas suburb of Lewisville. The site spans 35.8 acres, and the community will offer two-, three- and four-bedroom townhomes. Amenities will include a pool, walking trails and a dog park. Vertical construction will begin over the summer, with the first homes expected to be available for occupancy before the end of the year. Full completion is slated for next December.

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ArizonaBuild-to-RentLoansSingle-Family RentalWestern

Tower Capital Arranges $79.5M Refinancing for Village at Bronco Trail Build-to-Rent Community in Phoenix

by Amy Works

PHOENIX — Tower Capital has arranged $79.5 million to refinance an existing loan for the Village at Bronco Trail, a 354-unit build-to-rent (BTR) community in Phoenix. The sponsor, Scottsdale, Ariz.-based Empire Group, started construction on the project in 2023. Kyle McDonough, George Maravilla, David Stull and Noah Schott of Tower Capital originated the nonrecourse construction financing via a debt fund. Situated on 30 acres at 28th Avenue and Sonoran Desert Drive, Village of Bronco Trail will offer one-, two- and three-bedroom units with floor plans averaging 923 square feet. Each home will offer a private yard, kitchen with quartz countertops, stainless steel appliances and backsplashes, full-size washers/dryers and upgraded smart-home features and technology. Community amenities will include detached garages, a fitness center, car wash station, playground, dog park, grilling area, resort-style pool, clubhouse and common area open spaces.

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