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BTR Weekly - Aug 28 - Capital Square acquires 113-unit BTR community in NC

BTR Weekly - Aug 28 - Capital Square acquires 113-unit BTR community in NC

Capital Square acquires BTR community in NC. Invitation Homes adds 1,000 SFR to portfolio. Northmarq sells 200-unit asset in NC. Two new BTR deals.

Matt H & Aid Sopjani
August 28, 2024

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NEWS ROUNDUP

ACQUISITION: Capital Square acquires 113-unit BTR community in NC. Capital Square has acquired Seaboard at Sidbury Station at 6105 Dichondra Road, in the Wilmington, NC suburb of Castle Hayne. The community, developed by D.R. Horton, includes three-to-five bedroom detached single-family homes, averaging 1,829 square feet. This is Capital’s Square’s eighth BTR project for its private equity group, which is led by Dave Platter and Jon Trott.

ACQUISITION: Invitation Homes adds 1,000 SFR to portfolio. Invitation Homes has added more than 1,000 units to its BTR portfolio, an investment of roughly $247 million. The new single-family homes will be located in Dallas, Houston and the Carolinas. Invitation Homes’ CIO, Scott Eisen, remarked that the company is looking to partner with even more national and regional homebuilders.

DISPOSITION: Northmarq sells 200-unit asset in NC. Northmarq represented the seller, DR Horton, in the sale of Harmony Landing, a BTR community in metro Raleigh, NC. The 200-unit asset was sold for $68.5 million to Greystar. The Northmarq team included John Currin, Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark and James Thorp.

DEVELOPMENT: Homes by WestBay expands into BTR market. Homes by WestBay, parent company of Casa Fresca Homes, is entering the Tampa Bay region’s BTR market. Willy Nunn, President of Homes by WestBay, said that the expansion is part of the company’s strategy to complement its other offerings. Working alongside Nunn will be Brian Leblanc, Vice President of the company’s BTR sector.

READ: Excessive taxation is hurting SFR communities. SFR communities are facing excessive property tax assessments that impact profitability, says Gib Laite, Partner at Williams Mullen. According to Gib, these communities are often taxed higher than similar multi-family properties due to their classification as commercial entities, and this can hinder investment in this sector.