Tower Capital Secures $186M for BTR Developments
The firm arranged the funding for four communities in the Phoenix and Charlotte, N.C., markets.

Poplin Glen in Charlotte, N.C. Image courtesy of Tower Capital
Phoenix-based Tower Capital has arranged $185.7 million in financing for four build-to-rent communities–three in Arizona and one in North Carolina–with a total of 741 units.
Tower Capital has closed more than $750 million in financing transactions for BTR developments and has another $500 million of projects in the pipeline. Since 2018, the firm has closed financing on 30 BTR communities, with more than 5,000 units across multiple states including Arizona, Texas, Alabama and North Carolina.
Kyle McDonough, co-founder & principal of Tower Capital, said in a prepared statement the demand is driven by consumers who continue to be attracted to quality BTR housing projects. He noted rising mortgage rates are causing potential buyers to look at single-family rentals, which can offer more affordable economics compared to buying a house, while delivering the lifestyle and flexibility they desire.
McDonough said Tower Capital knows the BTR market well and is comfortable arranging capital for borrowers to meet their project requirements. He said the projects that are most successful are those that cross multiple demographics and also have large private yards, doors for pets, and luxury amenities like pools and spas.
Project details
Village at Carver Mountain, a 285-unit BTR project being developed by Empire Group in the Laveen Village section of south Phoenix near the new Loop 202 received the most financing at $67.4 million. The one-story project will have one-, two- and three-bedroom layouts and construction is slated to be completed by December 2024. Amenities will include a resort-style swimming pool with jacuzzi, barbeque, ramada, fitness center, pet park and spa, in-home pet doors and smart home technology. The property will also feature detached garages, storage units, private landscaped backyards and electric vehicle charging stations.
The other projects receiving financing are:
- $59.6 million for Village at Sonoran Vista, a 240-unit gated BTR project also being developed by Empire Group with similar home features and community amenities. The property will be located in north Phoenix near the new Taiwan Semiconductor Manufacturing Co. plant. Construction is slated to be finished by July 2025.
- $21.2 million for Montana Del Sur, a BTR development with 47 single-family detached homes being developed by Rockridge Properties and Investments at 47th Avenue and Southern Avenue in Phoenix. The project is designed to have three-, four- and five-bedroom layouts with open floor plans. The units will have 9-foot ceilings, ample storage, smart home features, pocket offices and two-car garages.
- $37.5 million for Poplin Glen, a 169-townhome BTR development being built in the Charlotte, N.C., market by an Arizona-based real estate investment company that declined to be identified. The developer has a 25-year track record acquiring and stabilizing multifamily assets across the country. Poplin Glen is a multiphase project that started delivering units in May. The two-story project features three-bedroom homes with an average of 1,900 square feet across six different floorplans. The homes also include two-car, direct-access garages.