Four BTR Developments, Two States Add Up to $108M in Financing
Tower Capital arranged nearly $108 million in combined financing for four single-family build-to-rent (BTR) developments in two states. The larger of the transactions involve Empire Group’s development plans in metro Phoenix for the Village at Paseo de Luces in Tolleson and Village at The BLVD in Avondale. Tower Capital also arranged financing for Family Development’s Arise North PHX in metro Phoenix and arranged financing for a single-family BTR project in Charlotte.
“The rapidly growing single-family build-to-rent asset class started in Arizona and is spreading across the country,” says Tower Capital’s George Maravilla. “These four transactions reflect increased demand for build-to-rent assets from both Baby Boomers and Millennials who find the format attractive. BTR housing allows Boomers to downsize without giving up features and comforts of an owned residence. Millennials appreciate that the larger BTR layouts align with their shift to a more family-style of living.”