BTR List
Posts
BTR Weekly - October 16, 2024 - Capital Square acquires BTR community in Chattanooga, TN

BTR Weekly - October 16, 2024 - Capital Square acquires BTR community in Chattanooga, TN

Capital Square acquires Chattanooga BTR. Cushman & Wakefield sells 66-unit asset in AL. Core Spaces kicks off Denver BTR. Pretium brings in new co-president. Two new BTR deals.

Matt H & Aid Sopjani
October 16, 2024

Good morning. This is BTR List, and we get you.

→ 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

ACQUISITION: Capital Square acquires BTR community in Chattanooga, TN. Capital Square’s private equity group, led by Dave Platter and Jon Trott, acquired Valley Ridge, a 129-unit BTR community in Tennessee. Berkadia’s Tyler Hogan, Caleb Troop, Andrew Mays and Russ Hardy brokered the sale. This marked Capital Square’s ninth BTR project for its private equity group. Louis Rogers and Whitson Huffman, co-chief executives at Capital Square, expressed great enthusiasm about the company’s BTR progress.

DISPOSITION: Cushman & Wakefield sells 66-unit asset in AL. Cushman & Wakefield sold The Grove at Glen Ridge, a 2022-built, 66-unit BTR community in Tuscaloosa, Alabama. Parker Caldwell, Tommy Coleman, Craig Hey and Ben Thomas of Cushman & Wakefield spearheaded the sale. The property was sold on behalf of its developer, Capstone Real Estate Investments, to an undisclosed buyer. The Grove at Glen Ridge is the first purpose-built detached BTR community in the Tuscaloosa MSA.

DEVELOPMENT: Core Spaces breaks ground on Denver BTR project. Core Spaces broke ground on Oxenfree Commerce City, a 269-unit BTR community in Colorado. The community will feature a mixture of detached units and townhomes with private garages and yards or balconies. First move-ins are expected to start in the spring of 2026. As of September 2024, Core Space’s BTR division had more than 3,000 units underway throughout the US.

PEOPLE MOVES: Pretium appoints new co-president. Former Goldman Sachs CFO, Stephen Scherr, is joining Pretium as co-president. He will lead the firm alongside Jon Pruzan, a former Morgan Stanley executive who joined the company in 2023. Pretium, led by Don Mullen, manages a $55 billion portfolio mainly focusing on US single-family rentals.

READ: BTR is losing its pricing edge. A research report by Parcl Labs challenges the belief that BTR homes command higher rents than scattered-site properties. The report studied seven core markets and found that build-to-rent outperformed scattered-site rentals in only one. In three markets, rental pricing was roughly equal, while in the other three, scattered-site rentals performed better.