Christopher Todd Capital has acquired two Texas Build-to-Rent (BTR) communities in the greater Dallas-Fort-Worth metroplex from NexMetro Communities. The two stabilized communities represent a combined total of 335 homes. The sale price was not disclosed. Willow Bridge was selected as the property management company based on their expertise in BTR.
“We have always had great respect for NexMetro’s industry leadership and their communities,” said Todd Wood, CEO of Christopher Todd Communities. Brent Long, President of Christopher Todd Capital and Christopher Todd Communities added “this acquisition extends our footprint into the DFW area, on the tail of other recent acquisitions in Phoenix and Houston.” In total, Christopher Todd has acquired more than $250M of purpose-built cottage-style communities in the last 12 months, with the plan to add several more communities.
The transaction benefits the business goals of both companies: NexMetro, the seller, is focused on building capital to invest in new Avilla Homes project development; Christopher Todd, the buyer, is currently focused on the acquisition of existing BTR projects, company officials said.
The communities are Christopher Todd Neighborhoods Celina Park at 3420 S. Dallas Parkway in Celina, Texas (Collin Co) and Christopher Todd Neighborhoods Elizabeth Creek located at 1104 State Highway 114 in Justin, Texas (Denton Co). These are the second and third Texas acquisitions made by Christopher Todd in the last six months. The company also recently purchased a 314-home community, now called Cottage Living, near the Woodlands in Houston.
NexMetro has developed 13 other neighborhoods in the greater Dallas-Fort Worth metroplex, with more in its pre-acquisition pipeline. Across the Sunbelt, NexMetro has 58 BTR neighborhoods either completed, under construction, or in lease-up. “This transaction provides the opportunity to realize a competitive return for our investors while freeing up capital for new ventures,” said NexMetro CEO Josh Hartmann.
Willow Bridge, one of the nation’s largest property management companies, has been retained for these two communities. With more than sixty years of real estate excellence, Willow Bridge also successfully manages Christopher Todd’s community in Houston. “They are not only very strategic and experienced, but Willow Bridge understands how important the resident experience is to us,” said Long.
Christopher Todd Capital is a privately-held family office that owns Christopher Todd Communities, the nation’s most respected BTR cottage-style brand. Its roots began over 30 years ago with the startup and subsequent sale of one of the nation’s largest organic bakeries. The founder, Todd Wood, then deployed that capital to fuel the startup and growth of Christopher Todd Communities through development primarily in Arizona. Christopher Todd Capital is now also purchasing and investing in existing BTR assets.
