BTR List
Posts
BTR Daily - April 16, 2025 - Coastal Ridge sees strong demand for BTR homes

BTR Daily - April 16, 2025 - Coastal Ridge sees strong demand for BTR homes

The Crest Group to build 74 units. 13th Floor Homes completes BTR project. Center Park Group delivers 155-unit project. Hottest BTR ZIP codes. Two new BTR deals.

Matt H & Aid Sopjani
April 16, 2025

Good morning. This is BTR List, and the struggle is real.

→ We are here to serve the owners, brokers, managers, and capital providers that are interested in single family rentals (SFR) and build-to-rent (BTR) multifamily. Do us a favor, and forward this email to your favorite multifamily pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

MARKET: Coastal Ridge sees strong demand for BTR homes. Coastal Ridge has observed significant demand for its BTR communities in South Tampa and Orlando, Florida. The company currently manages six BTR communities and is capitalizing on the growing interest in this housing model. Jerimi Nuckolls, Managing Director of Development at Coastal Ridge, noted that BTR homes offer a unique rental experience that closely resembles homeownership, providing renters with the feel of owning a home without the associated costs.

DEVELOPMENT: The Crest Group to build 74-unit community in New York. The Crest Group has secured a $24 million construction loan for The Villas at Oak Run, a 74-unit townhome-style community in Middle Island, New York. Kearny Bank provided the two-year balance sheet loan at a 70% loan-to-cost ratio, with pari passu equity and a debt funding arrangement. Black Bear Capital Partners' Bryan Manz and Emil DePasquale advised on the $35 million project, which is scheduled to open in 2027.

DEVELOPMENT: 13th Floor Homes completes BTR project in Florida. 13th Floor Homes has officially opened Solera at Avalon Trails, its latest BTR development located in Delray Beach, Florida. The community is already over 50% leased as it welcomes its first residents. Michael Nunziata, President of 13th Floor Homes and Principal at 13th Floor Investments, emphasized the company's commitment to providing quality housing solutions that meet the evolving needs of the community.

DEVELOPMENT: Center Park Group delivers 155-unit project. Center Park Group announced it is on track to complete vertical construction of all 155 luxury BTR townhomes at Bellerose at Bees Ferry in Charleston, South Carolina by mid-April. Since breaking ground in late 2022 and starting framing in October 2023, the general contractor has delivered buildings on a rolling basis to keep the project on pace for an 18-month total build time.

READ: Hottest BTR ZIP codes.