Two Arizona builders plan to break ground for single-family rental communities in Denton and Celina next year.
Christopher Todd Communities and Taylor Morrison Home Corp. joined forces earlier this year on their first apartment block in Grand Prairie.
Taylor Morrison – who is building homes for sale across North Texas – is the developer and builder of the rental housing joint venture, and Christopher Todd Communities provides community design and management.
The Denton rental community is planned for 316 single-story homes near Loop 288 and Elm Street. Construction of the project is scheduled to begin next year.
The Denton community will have one and two bedroom homes ranging from approximately 750 to 1,050 square feet.
In Celina, builders plan to build 264 rental apartments in the Cross Creek Meadows community east of Preston Road on Corson Cramer Development. Taylor Morrison is building homes for sale in the same community.
Celina’s rental community will include homes of up to three bedrooms with 1,250 square feet. A groundbreaking ceremony for the second quarter will be set.
“Taylor Morrison is excited to begin developing two more premium single-story communities that offer a very different living experience than traditional home living,” Taylor Morrison’s Darin Rowe said in a statement.
The new shared apartments will include private backyards, swimming pools, fitness centers and dog parks.
“Christopher Todd was an early innovator in the build-to-rent luxury niche.” Todd Wood, CEO of Christopher Todd Communities, said in a statement. “Our strategic partnership with Taylor Morrison enables us to bring the experience to more people in emerging markets with high demand.”
The Denton property sale was brokered by David Davidson Jr., Edward Bogel and Ryan Turner of Davidson & Bogel Real Estate.
Taylor Morrison and Todd Communities are working on other rental housing projects in Arizona, North Carolina, and Florida.
The 650- to 993-square-foot Grand Prairie rental homes near Interstate 20 will be ready by the end of next year.
Christopher Todd Communities is based in Mesa, Arizona and has about a dozen rental homes in the state. Home prices in the Arizona communities range from less than $ 1,500 per month for the smallest one-bedroom unit to more than $ 3,000 for the larger homes.
Christopher Todd and Taylor Morrison are just one of the builders expanding their offering in the North Texas rental housing market.
Dozens of rental homes are under construction or planned in North Texas, with thousands of homes not intended for sale.
The houses are aimed at residents who cannot afford to buy a home but want a traditional style of living
According to Dallas-based housing analyst Residential Strategies, Dallas-Fort Worth home builders started 2,786 rentals in the 12 months ended September.
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