Christopher Todd Capital, Newly Formed by Mesa Developer, Buys First Build-to-Rent Property

Article originally posted on Phoenix Business Journal on April 25, 2024

Mesa-based Christopher Todd Capital closed April 24 on its its first build-to-rent community, paying $57 million in cash for a 217-unit asset in Avondale.

The purchase price is well below what it would cost to build from the ground up today, said Brent Long, president of the newly formed family office, which serves as the holding company for Mesa-based Christopher Todd Communities. Todd Wood, who founded Christopher Todd Communities in 2016, maintains his role as CEO.

Selling the property at 1350 N. 117th Ave. was WS Avondale 1 LLC, which built the community and finished construction in February. The LLC traces to Canada-based WestStone Group, which has built several apartment and condominium projects here and has a Phoenix office.

Read complete article here: https://www.bizjournals.com/phoenix/news/2024/04/25/christopher-todd-buys-first-build-to-rent-property.html