BTR Daily - October 23, 2025 - Progress Residential buys Charlotte BTR for $27.3M

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NEWS ROUNDUP

ACQUISIITON: Progress Residential buys out Crescent’s stake in Charlotte BTR for $27.3 million. Progress Residential has acquired full ownership of Harmon Five Points, a 76-unit BTR townhome community in west Charlotte, for $27.3 million. The buyout ends Crescent Communities' joint ownership, with Senior Managing Director Tony Chen confirming it was part of the original business plan.

ACQUISITION: Invitation Homes acquires BTR lots for $9.5 million. Invitation Homes has purchased 30 lots in Meritage Homes' Cherry Creek subdivision on the Graham–Haw River border for a total of $9.5 million. This marks Invitation's first rental community in the Triad, with homes marketed for lease starting at $2,100/month. The company.

DEVELOPMENT: Tricon opens two BTR communities in Dallas-Fort Worth. Tricon Residential has launched two new BTR communities in Saginaw and Garland, bringing 267 new rental homes to the DFW metro. Tricon Saginaw features 166 homes. The project began leasing in early 2025 and is currently 75% leased, said Andy Carmody, senior managing director at Tricon. In Garland, Tricon’s 101-unit townhome community began leasing in April, and 92% of the initial 38 homes are already leased. According to RSI’s Cassie Gibson, the DFW BTR market has slowed, with new starts down 22.4% year-over-year, citing tighter lending and softer rent growth.

DEVELOPMENT: JCCG tapped as general contractor for Alabama BTR. Jim Chapman Construction Group (JCCG) has been named general contractor for VLux Madison, a 179-unit BTR community in Madison, Alabama, near Huntsville. Work began in August 2025, with JCCG stepping in to complete Phase II and begin development of Phase III.

READ: BTR construction pipeline slows.

BTR FOR SALE

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66 Units | Built in 2022 | Detached Community | 4- and 5-Bedroom Homes | 91% Occupancy

136 Units | Forward Investment Opportunity | 2- and 4-Bedroom Homes | 1- or 2-Car Garage Options

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