BTR List
Posts
BTR Daily - May 29, 2025 - Berkadia brokers $31 million sale

BTR Daily - May 29, 2025 - Berkadia brokers $31 million sale

Livmark/Hillside launch phase two of Colorado BTR. Lincoln Avenue begins construction on 271 units. Wan Bridge launches first MPC. 53% of BTR completions are 3BRs. Two new BTR deals.

Matt H & Aid Sopjani
May 29, 2025

Good morning. This is BTR List, the clearinghouse for build-to-rent pros.

→ We are here to serve the owners, brokers, managers, and capital providers that are interested in single family rentals (SFR) and build-to-rent (BTR) multifamily. Do us a favor, and forward this email to your favorite multifamily pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

DISPOSITION: Berkadia brokers $31 million sale. Berkadia has arranged the sale of Poplin Trace, a 99-unit BTR townhome community in Indian Trail, North Carolina—about 15 miles southeast of Charlotte. While the official sale price was undisclosed, Charlotte Business Journal reported the property traded hands for $31 million. Arizona-based Belleview was the seller. The buyer remains unnamed. The deal was brokered by Berkadia’s Caleb Troop, Matt Robertson, Mark Forrester, and Andrew Curtis. Built in 2021, Poplin Trace consists of three-bedroom townhomes, each featuring attached two-car garages. The property was 93% occupied at the time of sale, reflecting strong rental demand in the Charlotte suburban BTR market.

DEVELOPMENT: Livmark and Hillside Commercial launch phase two of BTR community in Loveland, Colorado. Livmark Communities, a division of Landmark Homes, and Hillside Commercial Group have broken ground on the second phase of The Bend at Highland Meadows, a 45-unit BTR project in Loveland, Colorado. Scheduled for completion in fall 2026, the community will feature a mix of two- and three-bedroom townhome and stacked ranch units, with select homes offering private fenced yards. Landmark Construction Solutions, Livmark’s in-house general contractor, is overseeing construction, while Greystar will manage the property.

DEVELOPMENT: Lincoln Avenue begins construction on 271 units. Lincoln Avenue Communities has broken ground on The Ranches at Gunsmoke, a 271-unit affordable BTR community in Maricopa, Arizona. Developed in partnership with WNC & Associates, the project marks Lincoln Avenue’s first foray into the BTR sector and will provide homes for households earning up to 60% of the area median income. The development will offer a mix of two- and three-bedroom duplexes and standalone homes, each with walk-in closets, patios, and private fenced backyards. The $114 million financing package includes construction and permanent loans from Citibank, $65 million in tax-exempt bonds via the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits and solar equity from WNC.

DEVELOPMENT: Wan Bridge launches First MPC with 5,500-home community in Texas. Wan Bridge’s new master-planned community division, W Land, has broken ground on its inaugural project, Preservation Creek, a 2,962-acre development in Alvin, Texas. The community is expected to deliver 5,500 homes at full buildout. The first phase will include 786 lots, with homebuilders such as Brightland Homes, Kendall Homes, The New Home, Smith Douglas Homes, and Imagination by David Weekley Homes constructing on 40- to 60-foot lots. Completion of this phase is targeted by the end of 2025. Lisa Clark, senior consultant for W Land, is leading the division. The project marks the beginning of what Wan Bridge envisions as a new residential district along the Highway 288 corridor, fueled by increasing demand for mixed housing typologies in the greater Houston area.

READ: 53% of BTR completions are 3BRs.