Christopher Todd Capital has completed its first purchase of a newly completed Build-to-Rent (BTR) community Cottages at McDowell in Avondale, Arizona near Phoenix.
Amenities at Cottages at McDowell include green belts, two resort-style pools, a soothing spa, a 24-hour state-of-the-art fitness center and direct access to Friendship Park which boasts multi-use fields, basketball and tennis courts, a playground and splashpad, a fishing pond, and a tranquil Japanese Garden. The apartment homes feature soaring ceilings, stainless-steel appliances, and spacious walk-in closets. Maintenance in each resident’s private backyard is included.
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 seller is the WestStone Group.
Brent Long runs Christopher Todd Capital, a privately held family office and sister company of Christopher Todd Communities, which specializes in BTR cottage-style homes.
Christopher Todd Capital targets opportunistic properties in prime locations, from $20 to $80 million. These can include newly constructed or stabilized BTR, cottage-style and select multifamily properties. Currently, target markets include Phoenix, Florida, Texas, the Carolinas, and Utah.
Established in 1985, Mark-Taylor Companies is a privately-held, Arizona based developer, owner, and investment manager of multifamily communities. The company ranks as the largest apartment developer in Arizona’s history, the second largest owner of rental communities in the state, and is the investment manager to over $3 billion in multifamily real estate on behalf of numerous third-party owners.
