BTR Daily - July 1, 2026 - Mandrake Capital completes 280-unit BTR in Florida

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NEWS ROUNDUP

DEVELOPMENT: Mandrake Capital completes 280-unit BTR in Florida. Mandrake Capital Partners has completed the final unit deliveries at Casa Solara Townhomes, a 280-unit BTR community in Jacksonville, Florida. The completion of Casa Solara marks MCP's fourth completed community in Florida and another milestone in the firm's growing residential portfolio. "The community features thoughtfully designed two- and three-bedroom townhomes with modern finishes and attached garages, complemented by a collection of resident amenities including screened porches, pool, coffee bar, grilling areas, fire pit, and conference room provide opportunities for recreation, socializing, and remote work, offering residents a well-rounded living experience beyond their front door. The completion of Casa Solara reflects our continued confidence in Florida's long-term growth and our commitment to developing high-quality rental communities in markets where people want to live. We're proud to deliver another community that will serve Jacksonville residents for years to come," said Joseph O'Connor, Managing Partner of Mandrake Capital Partners. "This project reflects the collaboration of our development, construction, and operations, and we're grateful to everyone who helped bring the community to completion."

FINANCING: Associated Bank finances 34-unit BTR in Wisconsin. Associated Bank has provided an $8.8 million construction loan for The Carillon at Grafton, a 34-unit BTR community in Grafton, Wisconsin. Cirrus Property Group is developing the project on a 5.2-acre site at the intersection of Hunters Lane and Mountain Lane, just west of Port Washington Road. The community will feature 10 residential buildings with 28 two-bedroom and six three-bedroom homes, each offering open floor plans, first-floor primary suites, private fenced backyards, and one- or two-car attached garages. Construction is currently underway, with the first homes expected to be ready for occupancy in early 2027. Danielle Maletzke of Associated Bank managed the loan arrangement and closing.

DEVELOPMENT: BrightSky Residential launches pre-leasing for 216-home BTR. BrightSky Residential has begun pre-leasing at Sagecrest, a 216-home townhome BTR community in Antioch, California, with the first move-ins expected later this summer. The community is designed to provide renters with the space, privacy, and functionality of a single-family home while offering the convenience of professionally managed rental housing. Charles McKeag, BrightSky’s California Division President, said Sagecrest addresses growing demand from households seeking more flexibility than traditional apartments without the financial commitment of homeownership, noting that the community is designed to deliver many of the benefits of single-family living in a rental setting.

DEVELOPMENT: ARK Homes for Rent launches pre-leasing for 126-unit Tennessee community. ARK Homes For Rent has launched pre-leasing at The Reserve at Three Ridges, a 126-unit BTR townhome community in northeast Knoxville, Tennessee. John Isakson, CEO of ARK Homes For Rent, said the community was intentionally designed to provide residents with the space, convenience, and flexibility of professionally managed rental living in one of Knoxville’s fastest-growing areas. The company also highlighted its ARK Homes For Rent app, which provides residents with tools for rent payments, maintenance requests, HOA information, resident services, and wellness resources.

READ: BTR research shows Midwest markets pulling away.

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63 Units | Constructed in 2021 | Three-Bedroom Plans | 60% of Units Have Attached Garages | 94%+ Average Occupancy

118 Units | Forward Purchase Opportunity | Three-Bedroom Floorplans | 1-Car and 2-Car Pads | CFO: July 15

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