Christopher Todd Enters Texas With SFR Buy
The investor purchased an asset in Greater Houston.
Christopher Todd Capital has acquired The Cottage Green, a 314-unit single-family rental asset in Conroe, Texas, making its BTR debut in the Lone Star state. HMF Americana disposed of the property, Yardi Matrix data shows.
In 2022, a private lender provided construction debt amounting to $43.1 million, according to the same source. Palmetto MDR partnered with HMF for The Cottage Green’s development process and the community debuted this year.
To be renamed Cottage Living, the community’s floorplans feature one- to three-bedroom layouts ranging between 644 and 1,269 square feet. Amenities comprise two lakes, walking trails, a beach club, a swimming pool, a gym, EV charging stations, as well as a clubhouse and conference room, among others.
LISTEN ALSO: Management Diaries: Essential Know-How for BTR Property Management
Willow Bridge, a property management company, will serve as the built-to-rent operator for the community, which is located on 40 acres at 15770 Old Conroe Road. Downtown Houston is roughly 40 miles southeast, while Interstate 45 can be found some 8 miles east.
The single-family rental sector is slated for significant growth, although there are some short-term challenges, according to prepared remarks by Todd Capital President Brent Long. The firm’s 2025 strategy revolves around developing, as well as purchasing specific assets matching its specifications and financial criteria, Todd Wood, CEO of Christopher Todd Communities mentioned in prepared remarks.
Metro Houston’s SFR investment scene
Year-to-date through September, investors traded more than 230 single-family rental units throughout metro Houston, according to Yardi Matrix data. Last year’s number during the same period was slightly higher—upward of 270 units.
Historically, the yearly single-family rental unit count to trade within Greater Houston clocked in at more than 331 townhomes between 2019 and 2022, the data provider shows. North of 610 SFR units changed hands in 2022—the highest peak recorded during the past decade.
