Major BTR Player Enters Houston, Market briefs

In Conroe, Texas, Christopher Todd Capital has purchased a Build-To-Rent community in Conroe, its first BTR purchase in Texas.

The Arizona-based firm purchased The Cottage Green at 15770 Old Conroe Road in Conroe, a 314-home recently completed community spanning 40 acres and featuring cottages, townhomes, unique bungalows, garden homes and lofts.

The Conroe purchase is part of a national expansion for Christopher Todd Capital, a family office and parent company to Build-to-Rent (BTR) innovator Christopher Todd Communities.

HMFA Houston Property Owner I, LLC was the seller.

“Texas is a priority for our growth strategy and this community in particular features a unique array of rental housing options. It is also the debut of our new brand, Cottage Living,” said Brent Long, president of Christopher Todd Capital.

Launching a BTR Brand Called “Cottage Living”

“The Cottage Living brand reflects our interest in communities with rental product diversification coupled with lifestyle offerings for which Christopher Todd Communities is known,” the company said.

For several years Christopher Todd Communities brand was used in conjunction with Taylor Morrison Homes, a publicly traded home builder. The Christopher Todd organization also delivered BTR expertise to the Taylor Morrison home building firm.

Todd Wood

“Christopher Todd has been patiently watching the market for deals that make sense. In the past we have developed our own communities and collaborated with a national builder partner to help enter new markets,” said Todd Wood, CEO and founder of Christopher Todd Communities. “Our strategy through 2025 is to secure sites for our own development and building opportunities, as well as purchase completed communities that match our community lifestyle specifications and our financial criteria.”

In a December 2021 interview at the NAREE real estate editors conference in Miami, Mr. Wood told Ev Konut Proje that his firm was highly interested in the Houston market.

Christopher Todd’s newly purchased property in Conroe, which is about 40 miles north of Houston, offers one-, two-, and three-bedroom single-story homes and two-bedroom townhomes, surrounded by nature, two scenic lakes, and a wellness walk. On site amenities include a lakeside beach club with grilling area, luxe swimming pool with tanning ledge, outdoor firepits and ramada, fully equipped fitness studio, Clubhouse and Conference room, electric car charging stations, private bark park, event lawn and more. Christopher Todd Capital will be investing a sizeable amount in community improvements.

The Build-To-Rent sector emerged in popularity because it offers backyards and amenities and neighborhood schools that are similar to a single-family neighborhood in the suburbs. The popularity grew during the pandemic when open space was a priority. In regular apartment communities, crowded corridors and elevators seemed unsafe to many.

With rising mortgage rates and home affordability in decline, rental homes became an attractive option across the nation, and they offered more space.

A lot of the momentum for the Build-To-Rent product came from single-family home builders that venture into rental homes.

At the Conroe property, the Willow Bridge firm was selected as the property management company for the Conroe property. Founded in 1965 by Mack Pogue as Lincoln Property Company, Willow Bridge Property Company, based in Dallas, operates in 75 markets.