Empire Group has secured more than $100 million in construction financing to develop two build-to-rent (BTR) communities totaling 378 units in Westfield, Indiana, and Colorado Springs, Colorado.
Why it matters: Build-to-rent is growing as affordability challenges are keeping more households renting. The model lets developers hold assets and generate steady rental income while offering renters single-family homes with amenities. For Empire Group, the Indiana and Colorado projects add to more than 5,000 homes Empire has in its BTR pipeline nationwide.
“These two new projects expand our growing footprint beyond Arizona into dynamic markets like Indiana and Colorado,” says Randy Grudzinski, partner at the Empire Group. “Both communities are strategically located in areas experiencing significant growth, and we’re excited to bring the quality, design, and lifestyle amenities that are hallmarks of Empire’s BTR communities.”
The Westfield project sits at the edge of the 740-acre Chatham Hills master-planned community, directly north of Grand Park, home to the Indianapolis Colts training camp. The Colorado Springs site is across from St. Francis Hospital near major retail anchors.
Both communities will feature one-, two-, and three-bedroom homes with private yards, resort-style pools, clubhouses, fitness centers, and dog parks.
The Details:
- Westfield: 168 units on 24 acres, $45.3M financing
- Colorado Springs: 210 units on 25 acres, $55.3M financing
- Empire portfolio: 5,000+ BTR units in various stages
Empire continues to pivot from its Southwest commercial roots to capitalize on rental demand, with a growing national BTR portfolio and additional developments planned in multiple states.
