Christopher Todd Capital has acquired two Texas Build-to-Rent (BTR) communities in the greater Dallas-Fort-Worth metroplex from NexMetro Communities. And these two stabilized communities represent a combined total of 335 homes. Willow Bridge was selected as the property management company based on its expertise in BTR.
In total, Christopher Todd acquired over $250 million of purpose-built cottage-style communities in the last 12 months, and it plans to add several more communities.
The transaction benefits the goals of both companies: NexMetro (the seller) is focused on building capital to invest in the development of the new Avilla Homes project. Christopher Todd (the buyer) is currently focused on acquiring existing BTR projects.
These two communities, now under Christopher Todd’s ownership, will undergo a capital infusion and rebranding to enhance their lifestyle offerings. They will also be the first to be unveiled as Christopher Todd Neighborhoods, a new brand within the company’s family of brands.
These communities are Christopher Todd Neighborhoods Celina Park at 3420 S. Dallas Pkwy, Celina, Texas (Collin Co), and Christopher Todd Neighborhoods Elizabeth Creek at 1104 State Highway 114, Justin, Texas (Denton Co). These are Christopher Todd’s second and third Texas acquisitions in the last six months. The company also recently purchased a 314-home community, now called Cottage Living, near the Woodlands in Houston.
NexMetro developed 13 other neighborhoods in the greater Dallas-Fort Worth metroplex, with more in its pre-acquisition pipeline. Across the Sunbelt, NexMetro has 58 BTR neighborhoods either completed, under construction, or in lease-up.
Willow Bridge, one of the nation’s largest property management companies, has been retained for these two communities. With over 60 years of real estate excellence, Willow Bridge also successfully manages Christopher Todd’s community in Houston.
KEY QUOTES:
“We have always had great respect for NexMetro’s industry leadership and their communities.”
– Todd Wood, CEO of Christopher Todd Communities
“This acquisition extends our footprint into the DFW area, on the tail of other recent acquisitions in Phoenix and Houston.”
– Brent Long, President of Christopher Todd Capital and Christopher Todd Communities
“This transaction provides the opportunity to realize a competitive return for our investors while freeing up capital for new ventures.”
– NexMetro CEO Josh Hartmann
