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BTR Daily - April 4, 2025 - Lafayette announces Florida BTR

BTR Daily - April 4, 2025 - Lafayette announces Florida BTR

Tricon opens 175-unit community. Liv Communities breaks ground on 203 units. VennPoint secures $55 million. Financing BTR. Two new BTR deals.

Matt H & Aid Sopjani
April 04, 2025

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NEWS ROUNDUP

DEVELOPMENT: Lafayette announces Florida BTR. Lafayette RE has announced the acquisition of land in Lakewood Ranch, a thriving suburb of Sarasota, Florida, for the development of a new BTR community named Lorraine Crossings. This latest project adds to Lafayette’s expansive development pipeline, which now comprises more than 2,000 BTR homes and lots under development across the country, representing over $700 million in allocated capital. “The creativity and adaptability of our strategy continues to drive our ability to secure highly coveted land in target markets across the U.S. – in this case, the significant growth of the Lakewood Ranch area makes Lorraine Crossings a key addition to our portfolio,” said Thibault Adrien, Lafayette Real Estate’s founder and CEO.

DEVELOPMENT: Tricon opens 175-unit community. Tricon Residential has officially opened Tricon Peek Road, its third BTR community in the Greater Houston area. Developed in partnership with HHS Residential, this 22-acre development features 175 farmhouse-style homes. The community is being developed in phases, with 37 homes completed as of April 1, 2025. Tricon aims to deliver the entire project by summer 2026, constructing approximately 10 homes per month to align with anticipated leasing demand.

DEVELOPMENT: Liv Communities breaks ground on 203 units. Construction has officially begun on Liv Sky Cottages, a 203-unit rental home community located within the Timber Sky master-planned development in Arizona. Spread across 32 acres, the community will feature 117 one-bedroom, 35 two-bedroom, and 51 three-bedroom homes, with ten percent of the residences designated for low-income families. Liv Sky Cottages is being developed through a partnership between Wespac Residential, Vintage Partners, and Liv Communities. “Liv Sky Cottages reflects our commitment to creating vibrant, connected communities where residents can thrive,” said Heidi Arave-Noonan, COO at Liv Communities.

FINANCING: VennPoint secures $55 million. VennPoint has secured a $55 million financing package for the development of Park5, a luxury BTR project located in Deerfield, Illinois. The financing includes a $45.7 million construction loan provided by Bank OZK and $9.9 million in mezzanine financing issued by an insurance company. JLL arranged the deal and also provided consultancy services for VennPoint’s acquisition of the site from Quadrangle for $10.2 million. JLL’s Matthew Schoenfeldt and Mary Dooley arranged the financing on behalf of VennPoint, while Dan Reynolds and Chris Cummins assisted in the land sale.

READ: Financing BTR.