Christopher Todd Capital Purchases Arizona BTR Community for $57 Million

The completed development is the first acquisition for the company

Christopher Todd Capital has completed its first purchase of a newly-completed Build-to-Rent (BTR) community in Avondale, Arizona, part of Phoenix metro. The company, with offices in Arizona and Florida, purchased the community for approximately $57 million, which is well below what it would cost to build from the ground up today. The Class A fully amenitized community includes 217 one- and two-bedroom homes. It is adjacent to the City’s 90-acre Friendship Park. The seller is WS Avondale 1, LLC.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425097157/en/

The Cottages at McDowell, located in the greater Phoenix area, has been purchased by Christopher Todd Capital. The Build-to-Rent community is the first acquisition for the company, a part of Christopher Todd Communities, the successful BTR innovator. (Photo: Business Wire)

Christopher Todd Capital is a privately held family office and a sister company of Christopher Todd Communities, the nation’s most respected BTR cottage-style brand and innovator in developing single-story rental communities. The firm’s capital, coupled with its BTR focus, proven playbooks, in-house construction, asset management, and branding make it a unique force for both acquisitions and future development.

“Christopher Todd has been patiently watching the market for deals that make sense. In the past we have developed our own communities and collaborated with a national builder partner to help enter new markets. In 2024 and 2025 our strategy is to secure sites for our own development and building opportunities, as well as purchase completed communities that match our communities’ lifestyle and our financial criteria,” said Todd Wood, CEO of Christopher Todd.

Brent Long, a longtime real estate veteran is heading up Christopher Todd Capital. “We are unique in that we have substantial liquidity along with deep expertise in this space. In the long run, the BTR sector is poised for significant growth, albeit with some short-term challenges. Our long-term perspective motivates us to be proactive purchasers in today’s environment,” Long said.

Real estate research guru, John Burns agrees that opportunistic purchases, like the one Christopher Todd has just executed, are the gems right now. “It is a great time to buy BTR communities from operators who have not maximized the net operating income to date, which is many of them. The best purchases will be made by companies who can improve the NOI through better revenue maximization and expense minimization.”

Christopher Todd Capital acquires communities that complement the Christopher Todd portfolio of rental communities. It targets opportunistic properties in prime locations, from $20-$80 million, and can include newly constructed or stabilized BTR, cottage-style and select multifamily properties. Target markets presently include Phoenix, Florida, Texas, the Carolinas, and Utah. “The Cottages at McDowell feels and looks very much like the other Christopher Todd projects around the Phoenix metro area. We see this as an opportunity where we can optimize resident engagement, delivering a superior experience and higher revenues,” said Wood.

Each home in the Cottages at McDowell has smart home technology including doorbell camera and motion sensor, smart thermostat, water heater moisture sensor, one GB internet, USB ports, streaming service and more. Pet doors allow easy access for Fido to enjoy the private maintenance-free backyard. The community amenities include green belts, two resort-style pools, 24-hour fitness center and direct access to Friendship Park, a robust City park that offers ball fields, walking paths, a Japanese garden, fishing pond and dog park among other amenities.

About Christopher Todd Capital:

In addition to expanding the Christopher Todd Communities brand nationally, Christopher Todd Capital is purchasing and investing in BTR and traditional multifamily assets. The company also purchases performing or nonperforming debt or equity, or places fresh capital into niche real estate assets. www.Capital.ChristopherTodd.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425097157/en/