D.R. Horton Sells Florida BTR Property
The buyer earmarked $180 million for more such acquisitions.
D.R. Horton has sold The Cypress at Wesley Park, a 72-unit build-to-rent property in Crawfordville, Fla. Topaz Capital Group purchased the property with acquisition financing issued by Arbor Realty Trust. Colliers represented D.R. Horton, while Stein Adler Dabah & Zelkowitz provided counsel for Topaz.
The community debuted last spring. It encompasses three- to five-bedroom detached homes ranging between 1,272 and 2,012 square feet. The Cypress at Wesley Park was 96 percent occupied at closing. Features include smart-home technology, attached two-car garages, as well as private fenced-in backyards and concrete patios.
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Located at 356 Dellwood Road, the property is about 19 miles southwest of downtown Tallahassee. This marked Topaz’s first foray into the BTR market.
Colliers Vice Chair & Principal Will Mathews, together with Associate Jake Bradshaw, as well as Executive Vice President Casey Babb and Senior Vice Presidents Luis Baez and Shawn Rupp, in addition to Vice President Mike Steiner, represented D.R. Horton in the sale proceedings.
The buyer earmarked $180 million for other BTR purchases over the next 12 months. Topaz will target properties ranging from 80 to 180 units throughout the Sunshine State, excluding the Panhandle.
Horton’s BTR strategy
D.R. Horton has delivered more than 14,000 rental homes across upward of 150 communities since 2016, according to its website. One notable BTR deal closed in 2023 when D.R. Horton agreed to sell 4,000 units to Pretium Partners for $1.5 billion.
In July 2024, it sold Sandalwood West, a 142-unit asset in Greenfield, Ind., to Up&Up. Three months after that, D.R. Horton sold the 129-unit Valley Ridge in Chattanooga, Tenn., to Capital Square.
