HOUSTON – (Realty News Report) – Christopher Todd Communities and Taylor Morrison Home Corp. are developing a 240-home single-family rental community in Cypress in Northwest Houston. The project expands the Build-to-Rent trend, offering renters the private outdoor space and larger living areas of suburban homes while providing professionally managed rental benefits.
Named Christopher Todd Communities at Cypress, the gated development sits on 19 acres near Grand Parkway and West Road and will feature 240 newly designed, single-story homes. Units will include one-, two- and three-bedroom smart homes ranging from approximately 750 to 1,250 square feet. Each rental home will offer a private backyard, pet door and integrated smart-home technology. The community will provide on-site amenities such as a pool, fitness center, event lawn and a dog park. Leasing is scheduled to begin in 2023.
This is the first jointly branded Christopher Todd–Taylor Morrison rental community in the Houston market. The two companies already partner on similar communities in Dallas and Austin and are evaluating additional land in Arizona, North Carolina, Florida and other markets.
Todd Wood, CEO of Christopher Todd Communities, describes these developments as Single-Story Rental Communities (SRC). “We are creating a different type of product. It’s really a hybrid,” Wood said, explaining that SRCs blend the layout and privacy of single-family homes with the amenity-rich, professionally managed lifestyle typically found in multifamily properties. In the Phoenix market, where both companies are based, this product type represents roughly 30 percent of multifamily starts.
Wood has also referred to the product as “horizontal apartments.” In a recent presentation at the National Association of Real Estate Editors (NAREE) Conference in Miami, he described the homes as one-, two- or three-bedroom, single-story rental residences built at about 12 units per acre and positioned as highly amenitized, Class A lifestyle options.
The Houston land purchase was brokered by John Santasiero, CEO of Riverway Properties of Houston. Taylor Morrison continues to seek additional property in the Houston area for future development.
“This move expands our Houston customer base to include those seeking the convenience of a rental without sacrificing the lifestyle of a single-family-home community,” said Darin Rowe, Taylor Morrison’s Build-to-Rent National President. “Meeting this demand among millennials and baby boomers gives us the opportunity to be with customers in every move they make and if and when they are ready, we’re here to help them transition from renting to buying.”
The Cypress single-story rental community will sit adjacent to Taylor Morrison’s planned 480-acre Avalon at Cypress development, which will offer homes for sale. Taylor Morrison ranks among the nation’s largest home builders.
Jan. 7, 2022 Realty News Report Copyright 2022
Image: Taylor Morrison, Christopher Todd Communities
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File: Single Family Rental Community Started