PHOENIX, April 25, 2019 /PRNewswire/ -- Christopher Todd Communities, an Arizona-based developer of innovative single-family home luxury rental communities, has identified an underserved market niche in multifamily housing. That potential has propelled the company to unveil four unique communities within one submarket in less than 12 months, a highly unusual move for developers, but one that is guided by a calculated business strategy of dominating a sub market through four branded communities offering something new. "We are on an aggressive growth track," said Christopher Todd Communities CEO, Todd Wood.
The company is an innovator in a new segment of multifamily housing, creating luxury smart-gated communities comprised of 136 to 313 one- and two-bedroom single-story homes with private backyards, included doggy doors, high-speed internet (1000/1000 mb), and Vivint smart home technology including keyless door entry, doorbell camera, and climate control via an app.
At one of its newest communities, a 167-home project in the greater Phoenix area, 16 leases were written in the first week. "That pace is highly unusual in this market," said John Carlson, President of Mark-Taylor Residential, an Arizona firm that manages Class A properties, including those for Christopher Todd Communities. That community was preceded by two others by the same developer that leased up faster than the industry average, attributed to the innovative hybrid between traditional apartments and single-family homes.
According to a report prepared for the Arizona Multihousing Association, the demand for multifamily housing in the State of Arizona is higher than any other period of history. A significant percentage of Millennials are reaching their peak rental years and delaying marriage, and their preference for renting is extending beyond previous generations. Add the pool of Baby Boomers who are cashing out of their big family homes, downsizing and renting as a lifestyle preference and there is a perfect storm for innovative rental solutions.
Nationally, experts predict a continued growth in the multifamily sector which is on track to produce 4.3 million units needed by 2030. "Christopher Todd Communities is putting pieces into place to bring our concept to new markets around the country. We are always happy to talk with those interested in what we're creating," said Wood. For more information, visit www.ChristopherToddProperties.com.
Martha Moyer Wagoner
SOURCE Christopher Todd Properties