BTR Daily - April 22, 2025 - Tower 16 acquires 166 units

Good morning. This is BTR List, and it could always be worse.

→ 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

ACQUISITION: Tower 16 acquires 166 units. Tower 16 has acquired Sanctuary at South Mountain, a 166-unit BTR community in Phoenix, Arizona. Berkadia’s Andrew Curtis and Mark Forrester handled the transaction, whereas CBRE’s Scott Peterson and Maxi Leachman facilitated the debt placement. Cushman & Wakefield will take over property management led by Cindy Owens, Crew Johnston, and Marlena Levya.

DISPOSITION: Berkadia sells Florida BTR. Berkadia has sold Lake Griffin Reserve, a BTR community in Leesburg, Florida. Built in 2024, the community is made up of 100 detached single family homes. Berkadia’s Brett Moss, Tyler Swidler, Matthew Mitchell, Chris Burtner, Scott Marker, and Wade Sarchet handled the sale.

FINANCING: JLL arranges $25.4 million in financing. JLL has successfully arranged a $15.7 million Fannie Mae loan and $9.7 million in joint venture equity for Allen Ridge, a 125-unit BTR community located in Greenville, North Carolina. The financing supports a newly formed joint venture between Eminent Capital and Corten Real Estate, with JLL facilitating both the partnership and debt placement. JLL’s team included Jamie Leachman, Amit Kakar, Sean O’Brien, and Sydney Powell.

FINANCING: Greystone arranges $13.9 million credit facility. Greystone has announced the successful arrangement of a $13.9 million line of credit to refinance Sandrock Gardens, a newly constructed 69-unit BTR community in Houston, Texas. The credit facility—designed as a BTR aggregation facility—was structured by Shaya Ackerman, Managing Director, and Steven Treitel, Director at Greystone. The financing provides the developer with continued access to capital as the community nears full lease-up and delivery.

READ: CRE BTR development model.

FIND YOUR NEXT DEAL FASTER

Be sure to sign up for the BTR Professional Directory. Free for now!

Make sure your next deal can find you faster by including your market coverage and cell number.

Click here to submit: BTR Pro Directory.

MUST ATTEND SFR EVENT

IMN's SFR Forums bring together the key players in the industry, including 75% of the largest single family rental owners at our most recent event.

Join 800+ owners and operators. Meet the spectrum of the market including the largest players, as well as the small and middle-sized firms.

BTR List readers receive a 20% discount by registering here.

BTR FOR SALE

Click each image for more information:

Three Properties | 102 THs | Built in 2025/2026 | Average Market Rent: $2,588

2 Properties | 97 Units | Class A | Built in 2024 | CFO: April 30

ONE MORE THING

→Try our resources for SFR and BTR pros:

Search Properties | BTR News | Comps (coming soon) | Professional Network | Advertise Listings | Share a Closing Announcement