Arizona build-to-rent pioneer will expand to Florida
By Angela Gonzales
Tampa Bay Business Journal
Published: Feb 15, 2024

Long known as an innovator and pioneer of build-to-rent communities, Mesa, Arizona-based Christopher Todd plans to open three new regional offices in Florida, Texas and Utah.

The developer of Christopher Todd Communities created luxurious detached rental homes in communities with resort-like amenities. It is known for single-story, detached smart homes with doggie doors leading to small backyards.

Renters embraced the concept, as did investors. Christopher Todd in 2020 began selling its rental communities to an affiliate of Illinois-based Inland Real Estate Group of Cos. for nearly $500 million, according to Tempe-based Vizzda LLC real estate database.

After building these communities that boasted 100% occupancy levels and long wait lists, Scottsdale, Arizona-based Taylor Morrison Home Corp. (NYSE: TMHC) tapped the Mesa developer to partner for three years on BTR projects nationwide in 2019.

But that relationship was short-lived.

In November 2022, the two companies decided not to renew their licensing agreement, sending them each on their own paths.

Christopher Todd's CEO Todd Wood and its President of Development Brent Long hit the pause button on development for 18 months as the economy weakened. They used that time to plan the next chapter of delivering this rental product in other markets.

In Florida, the company will focus on Tampa/St. Petersburg, Orlando, Sarasota, southwest Florida, Jacksonville, Treasure Coast and the Space Coast, according to a release.

"The time is right for this kind of expansion," Long said in a statement. "Existing rental products are being absorbed, and more new rental options are in demand."

Boca Raton will be the first regional office in Florida, where Jeffrey Gersh has been hired as regional president and Matthew Paul as regional vice president. Both have extensive backgrounds in finance and real estate development. Gersh most recently was with Trez Capital Florida and Paul was with Alta Terra Real Estate. They will evaluate land and development opportunities, including buying existing BTR assets to rebrand and add to the portfolio. They also will review capital investment opportunities.

Texas and Utah are next on the agenda for regional development offices, where strong in-migration is being driven by cost of living, employment, weather and taxation.