PGIM acquires 152 units BTR community in Roseville, California

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NEWS ROUNDUP

ACQUISITION: PGIM acquires 152 unit BTR community in Roseville. PGIM bought Cyrene at Fiddyment, a 152-unit BTR in Roseville, CA for $65 million ($427,630/unit). The seller, Curve Development, was represented by Berkadia. Berkadia’s Brett Betzler, Jason Parr, Mark Forrester, Scott MacDonald, Kaohu Berg-Hee and Andrew Curtis brokered the transaction. Curve Development built the community in 2022 using funds from a $36.3 million construction note from Western Alliance Bank.

DEVELOPMENT: Sallee Development kicks off $95 million BTR project. Sallee Development, in partnership with North American Savings Bank, has announced a $95 million investment to develop Barry West, a 364 unit BTR project in Kansas City, MO. Tyler Sallee, CEO at Sallee Development, and Tom DeGregorio, Vice President of Construction lending at North American Savings Bank, highlighted how the project aligns with their commitment to contributing to Platte County’s economic development. Barry West will feature 2-story and ranch-style town homes, aimed at suiting various lifestyle needs.

DEVELOPMENT: RangeWater is developing a 121 unit BTR community in Corinth, TX. RangeWater has acquired a 14.1 acre site and plans to start developing the project in September. The project, named Greenway Trails, is being co-developed with Skorburg Co., and the first move-ins are expected in the last quarter of 2025. Tokyo-based NTT Urban Development Corp. provided equity for the project. This marks RangeWater’s seventh development in Texas.

DISPOSITION: CBRE arranges sales of BTR in Omaha. CBRE handled the sale of The Trails, a 85 unit BTR community in Omaha, Nebraska. Curtis Capital Group purchased the property for an undisclosed amount. CBRE’s Ted Abramson, Mark Seger and Jeremy Fink represented the seller in the transaction. The Trails was completed in 2024 and features a range of four and five bedroom houses.

PEOPLE MOVES: VineBrook Homes Trust appoints new CEO and CFO. Dallas-based VineBrook Homes Trust has appointed two new executives. John Good was appointed CEO, a role previously held by Brian Mitts. Paul Richards was appointed CFO, assistant secretary, and treasurer, positions also held previously held by Mitts. Brian Mitts remains president of the company as well as a member of the board. VineBrooks Homes Trust is a single-family rental real estate investment trust (REIT) managed by NexPoint Real Estate Advisors.

BTR FOR SALE

51 Units | Built in 2020 | 26 THs | 52% Pre-Leased

113 Units | $36,150,000 | Individually Parceled

ONE MORE THING

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