Arizona-Based Developers Target Melissa for Latest Build-to-Rent Project
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The Arizona-based build-to-rent developer duo of Taylor Morrison and Christopher Todd Communities is extending its presence in the Dallas-Fort Worth market.
Their latest acquisition is not on the scale of the larger built-to-rent community projects with thousands of homes on hundreds of acres.
Scottsdale-based Taylor Morrison and Mesa-based Christopher Todd Communities have closed on a 20-acre tract near U.S. 75 in Melissa. The cost and details have not been disclosed, but the project is at one of Melissa’s key intersections near Melissa Road. The project will include a private amenity center and event space for residents, according to a news release.
The Dallas area is one of the top U.S. markets for new rental single-family home communities, according to a new RentCafé report. The Dallas area ranks third nationally with a total of 4,290 houses in built-to-rent communities.
Taylor Morrison and Christopher Todd Communities have been busy developers in the Dallas-area suburbs.
In June, the developers unveiled plans for its first development in the Dallas area, a 140-home mix of one- and two-bedroom rentals in Grand Prairie. In November, the two developers announced plans for a 316-home gated community in Denton near Loop 288 and Elm Street and a 264-home community in Celina.
They’re also partners on rental-home projects in Arizona, Florida, and North Carolina. Together, they develop branded luxury rental communities comprised of single-story, one- and two-bedroom smart homes with pet-friendly backyards.
“We are creating a housing choice that has disrupted traditional multifamily options,” Christopher Todd CEO Todd Wood told the Dallas Business Journal.
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Texas doesn’t need built to rent homes all over the area. Build to own is what this state stood for.