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BTR Daily - May 6, 2025 - Crescent JV acquires land

BTR Daily - May 6, 2025 - Crescent JV acquires land

Center Park announces BTR. AMH reports Q1 2025. Invitation Homes reports Q1 2025. Wan Bridge's Tin Qao on BTR. Two new BTR deals.

Matt H & Aid Sopjani
May 06, 2025

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NEWS ROUNDUP

DEVELOPMENT: Crescent JV acquires land. Crescent Communities, in partnership with Heitman, has closed on 38 acres in Lawrenceville, GA, to develop Harmon Cedar Run—its first BTR community in metro Atlanta. The project will include 151 three- and four-bedroom townhomes and detached houses, along with walking trails, a game lawn, pool, greenspaces, and a sports court. DRB Group will serve as the homebuilder. Harmon Cedar Run represents Crescent’s 13th multifamily project in the region and reflects rising investor interest in single-family rentals, particularly in high-growth markets across the Sun Belt. First move-ins are expected later this year.

DEVELOPMENT: Center Park announces new BTR underway in North Carolina. Center Park Group has announced that development is underway at Banton Village, a 72-home BTR community in Navassa, NC, with vertical construction set to begin this summer and first move-ins expected by fall. Located about 10 miles from Wilmington, the project is the latest collaboration with Maymont Homes, following successful BTR developments across South Carolina. Homes will offer three- to four-bedroom floor plans with upscale finishes, private yards, and energy-efficient features. Community amenities include walking paths and green spaces. Banton Village adds to Center Park Group’s expanding BTR portfolio across the Southeast.

WALL STREET: AMH reports Q1 2025 results. AMH reported Q1 2025 results with rental and property revenues up 8.4% YoY to $459.3 million. Core Funds from Operations (FFO) rose 6.6% to $0.46 per share, while Adjusted FFO increased 5.4% to $0.42. The company delivered 545 new homes through its AMH Development Program and reported a Same-Home Core NOI increase of 4.4%. Average Occupied Days hit 95.9%, with blended lease rate growth at 3.6%. AMH ended the quarter with 60,700 homes in its portfolio and $5 billion in total debt. S&P Global affirmed the company’s BBB credit rating with a revised positive outlook. CEO Bryan Smith emphasized confidence in the company’s business model amid economic uncertainty.

WALL STREET: Invitation Homes reports strong Q1 2025 results. Invitation Homes reported Q1 2025 results with total revenue up 4.4% YoY to $674 million and net income rising 16.4% to $166 million. Core FFO per share increased 3.5% to $0.48, while AFFO rose 4.0% to $0.42. Same Store NOI grew 3.7% on 2.5% revenue growth and flat expenses. Same Store occupancy reached 97.2%, with 5.2% renewal rent growth and 3.6% blended rent growth. The company acquired 631 homes and sold 470, totaling $213 million and $179 million respectively. S&P reaffirmed its ‘BBB’ credit rating and upgraded its outlook to ‘Positive.’ CEO Dallas Tanner highlighted strong leasing fundamentals and reaffirmed full-year 2025 guidance.

READ: Wan Bridge’s Tin Qao on the BTR market.