BTR Daily - January 22, 2025 - Third Lake acquires land for 258-unit BTR

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NEWS ROUNDUP

ACQUISITION: Third Lake acquires land for 258-unit BTR. Third Lake Development has acquired a 17-acre parcel in Parrish, FL, for $10.29 million to develop Abrazo at Robinson Gateway, a 258-unit BTR community. Each residence will feature private fenced-in backyards, 10-foot ceilings on the main levels, soft-close cabinetry, kitchen pantries, and smart home systems. Completion of Abrazo at Robinson Gateway is anticipated in 2027, aiming to meet the growing demand for quality rental housing in the region.

DEVELOPMENT: Paceline and Verdot to build Santa Fe’s first BTR community. Paceline has partnered with Verdot Capital to develop Santa Fe's first BTR community. Leigh Sansone, Chief Investment Officer at Paceline, stated that the community "will fill a pocket of demand not previously met" in Santa Fe. Robert Wall, Managing Partner of Verdot Capital, emphasized their commitment to delivering an asset that meets a critical housing need while honoring the character of Santa Fe.

DEVELOPMENT: Parkland starts land development on 148-unit Georgia BTR. Parkland Communities has commenced land development for Palmetto Cay, a 146-unit townhome community in Pooler, GA. Jim Jacobi, president of Parkland Residential, expressed enthusiasm for the project, stating, "It's exciting to have our first project in the greater Savannah area. Pooler is growing rapidly, and it was a pleasure working with City officials and staff to supply much-needed essential housing to help support this thriving area."

FINANCING: Empire Group secures $55 million to build Phoenix BTR. Empire Group has secured a $55 million construction loan from North River Partners and Amzak Capital Management for Village at San Tan, a BTR project in Phoenix, AZ. The development will occupy a 27-acre site and feature one-, two-, and three-bedroom homes averaging 950 square feet. Sean Robertson and Jeff Rosenfeld, Managing Partners at North River Partners, highlighted the appeal of the BTR model and emphasized the growth potential of the Phoenix sub-market.

AWARD: Inspire Homes Missouri City awarded “BTR Deal of the Year.” Inspire Homes Missouri City, a 186-unit BTR community in Missouri City, TX, has received the “BTR Deal of the Year“ award at the 3rd Annual IMN SFR Industry Awards. Brad Dinerstein, Managing Partner of Development and Design at The Dinerstein Companies, expressed pride in the recognition, particularly as it marked the company’s first single-family BTR development.

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