Rental neighborhood developer TerraLane Communities has sold two Arizona build-to-rent communities to Inland Real Estate Acquisitions. TerraLane at South Mountain in Phoenix includes 147 single-family rental homes, and TerraLane at Canyon Trails in Goodyear has 262.
The two recently completed communities offer a spacious and maintenance-free living experience with extensive amenities including a community center, a heated swimming pool and hot tub, a sunning deck, barbecue grilling stations, and an outdoor fire pit with seating. Both communities are also pet-friendly, have gated access and smart-home technology, and provide access to walking trails and parks.
At the time of sale, the South Mountain community was 92% occupied while Canyon Trails is actively leasing homes. Through an off-market transaction, the sale was facilitated by Northmarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle.
“The sale of the South Mountain and Canyon Trails communities fulfills TerraLane’s mission of executing successfully in the build-for-rent sector,” says Steve La Terra, CEO of TerraLane Communities. “TerraLane is committed to creating technology-forward rental home communities that are well-located and accessible to regional employment, amenities, and recreation. This monumental asset sale to Inland Real Estate allows TerraLane to take our platform to the next level by expanding into new markets with additional product offerings.”
TerraLane Communities
TerraLane at South Mountain.
TerraLane’s current portfolio encompasses 1,100 rental homes in five communities across metro Phoenix that are under development or completed. Initially beginning with one- and two-bedroom single-story rental homes, TerraLane is evolving to offer a vast range of housing types beyond the metro Phoenix area.
Expansion will include three- and four-bedroom townhomes and single-family detached rental homes for young and growing families. In support of the growth, TerraLane has hired Matt Personne as senior project development manager and Tim Heslin as the new financial analyst and underwriter.
“The TerraLane Communities team includes a formidable roster of experienced developers, builders, and investors who have decades worth of knowledge in the housing industry,” adds La Terra. “Amid the economic factors affecting the real estate industry, optimism for build-to-rent continues among the development community, and we continue to utilize our collective expertise to seek out new opportunities and relationships that will expand TerraLane’s established portfolio.”
