2022 Spring Issue - 109

Common area at Trickum Hill. Build-to-rent communities are increasing in popularity, particularly among
those who cannot afford to purchase a home but desire the benefits associated with living in a less dense
suburban single-family environment.
tinction been made between the size of the
rental units or resident profile of various
BTR communities.
There are two distinct categories of BTR.
One, commonly referred to as horizontal
multifamily, involves essentially less-dense
multifamily projects-usually one-story
cottage-style buildings-that have apartment-style
floor plans and a small yard.
These types of projects have been in high
demand by renters looking for less density
and extra space for their pets. However,
they cater more to the apartment renter.
The other type of BTR-commonly
referred to as dedicated rental or build-torent
communities-has larger floor plans
and resembles true for sale-style housing
in either a detached or attached format.
Typically, these types of BTR communities
have units with three or four bedrooms and
cater to families or empty nesters seeking a
renter lifestyle.
Both styles of BTR communities have
been successful and meet different resident
demands.
BTR Financing
Financing for BTR continues to evolve, and
an increasing number of debt and equity
providers are entering the space. Several
large real estate private equity funds specializing
in opportunistic and value-add
strategies have entered the BTR sector
and are funding sponsors with homebuilding,
multifamily, and single-family rental
experience to develop, build, and stabilize
BTR communities. As these BTR communities
are stabilized, they are seeing robust
demand from institutions of all sizes that
are seeking stable cash flow for their core
and core-plus capital allocations. These
institutions are essentially validating BTR
as an asset class that has staying power
and is valued similarly to multifamily
housing.
Debt providers are becoming increasingly
comfortable with the BTR space and
the different types of structures accompanying
various communities. Lenders
with experience financing the scatteredsite
single-family space seem to be most
comfortable providing acquisition lines of
credit to borrowers who are acquiring BTR
communities in phases once homes have
received a certificate of occupancy from the
local municipality. Alternatively, construction
lenders familiar with homebuilding or
multifamily construction are more comfortSeveral
large real estate private
equity funds specializing in
opportunistic and value-add
strategies have entered the BTR
sector and are funding sponsors
with homebuilding, multifamily,
and single-family rental experience
to develop, build, and stabilize BTR
communities.
SPRING 2022
URBAN LAND
109
HAVEN REALTY CAPITAL

2022 Spring Issue

Table of Contents for the Digital Edition of 2022 Spring Issue

2022 Spring Issue - Cover1
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
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