Residential real estate company buys new West Valley build-to-rent community
Apr 25, 2024, 4:00 PM
The Cottages at McDowell community in Avondale has 217 one- and two-bedroom homes. (Christopher Todd Capital photo)
(Christopher Todd Capital photo)
PHOENIX — A real estate company bought a newly-completed build-to-rent community in Avondale, officials announced last week.
Christopher Todd Capital bought the homes for around $57 million.
WS Avondale 1, LLC will sell the homes in the community, which is called Cottages at McDowell. It has full amenities and is adjacent to the 90-acre Avondale Friendship Park.
There are ball fields, walking paths, a fishing pond, a dog park and a Japanese garden in the park.
Cottages at McDowell has a 24-hour fitness center, a spa and two pools. Backyards don’t require owner maintenance because community leaders will take care of it.
The build-to-rent community‘s address is 1350 N. 117th Avenue. It has 217 one-and two-bedroom homes.
When amenities does Cottages at McDowell have?
Homes have smart home technology, such as:
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- USB ports.
- A doorbell camera.
- A motion sensor.
- 1GB internet.
- Streaming service.
- A smart thermostat.
- A water heater moisture sensor.
One-bedroom and one-bathroom homes start at $1,416 per month, according to the community’s website. Two-bedroom and two-bathroom homes start at $1,699 per month.
Christopher Todd Capital’s director of investment and land, Brent Long, said the build-to-rent sector is where the money is.
“In the long run, the BTR sector is poised for significant growth, albeit with some short-term challenges,” Long said in an announcement. “Our long-term perspective motivates us to be proactive purchasers in today’s environment.”
The move to buy the community reflects the company’s desire to take advantage of promising deals, Todd Wood, CEO of Christopher Todd, said in the release.
“In the past we have developed our own communities and collaborated with a national builder partner to help enter new markets,” Wood said.
That will change moving forward, he added.
“In 2024 and 2025, our strategy is to secure sites for our own development and building opportunities, as well as purchase completed communities that match our communities’ lifestyle and our financial criteria,” Wood said.
