BTR Daily - March 28, 2025 - PPR acquires Tennessee BTR for $87 million

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NEWS ROUNDUP

ACQUISITION: PPR acquires Tennessee BTR for $87 million. PPR Capital Management, in partnership with Center Creek Capital Group, has acquired Highline at Knoxville, a two-phase BTR community in Knoxville, Tennessee, for $87 million. The deal marks PPR’s first investment in the BTR space and its second property acquisition in the state of Tennessee. The acquisition includes an equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Phase I of Highline, completed in 2023, includes 110 detached homes that are currently in lease-up. Phase II, now under construction, will deliver an additional 151 townhomes and detached homes throughout 2026 and 2027, as part of a planned three-year development and stabilization schedule. The PPR team for the project includes Chris Cordes, Claude Roxborough, and Matt Carfaro.

DEVELOPMENT: Jim Chapman Construction Group announces Alabama BTR. JCCG has announced that land development is set to begin on Creekside Cottages, a 303-unit BTR community in Opelika, Alabama. Vertical construction is scheduled to begin in spring 2026, with leasing anticipated by late spring or summer 2026. “Creekside Cottages is designed to appeal to those who appreciate the vibrant atmosphere of college towns, offering a unique blend of energy, sports, and great dining,” said Jim Chapman, President of JCCG.

DEVELOPMENT: Greystar begins pre-leasing at Arizona community. Greystar has officially launched pre-leasing for Marlowe Peoria Place, a luxury apartment community set to deliver its first units in May 2025. “Marlowe Peoria Place was designed to offer residents a dynamic and stylish place to call home in a vibrant community at the center of it all,” said Billy Cundiff, Greystar Desert Managing Director for Development.

CHART: Preference to rent across life stages. The second annual National BTR Resident Survey, conducted in 2024, found that 36% of BTR residents now say they prefer renting their homes, up from 27% in 2023.

Growth in Rental Preference by Life Stage:

• Young Singles and Couples: Up 12%

• Young Families: Up 12%

• Mature Families: Up 10%

• Mature Singles and Couples: The most likely group to prefer renting, with 46% expressing a preference in 2024 (up from 42% in 2023)

READ: Nearly 1/3 of all BTR units under construction in 14 submarkets.

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100 Units | 99% Leased | 67% Retention Rate YTD | Built in 2023

SFR Portfolio | 87 Units | 97% Average Occupancy | Average Market Rent: $1,101

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