All posts in "Surprise"

Newmark Secures $151M In Financing For 30-Property Industrial Portfolio In Arizona

Via rebusinessonline.com

PHOENIX — Newmark has secured $151 million in financing for a 30-property industrial portfolio in Arizona. The portfolio contains more than 4 million square feet of space occupied by more than 1,000 tenants.

The 15-year non-recourse loan features a rate below 4 percent. The portfolio is a mix of light industrial / manufacturing buildings with small to medium bay depths. The properties are located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria. Voya provided the permanent financing.

 

 

 

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Christopher Todd Communities Offers Alternative to Home Ownership

Via azbigmedia.com

Christopher Todd Communities, a new Arizona-based developer of private single-family, luxury rental homes, has kicked off the company’s first innovative “horizontal” rental community located at the southwest corner of Greenway Road and Litchfield Drive in Surprise, Arizona.   Horizontal rental living is a new trend, now seen only in a few other markets. Unlike the typical vertical apartment complexes that are two or more stories, horizontal communities are single story, single family and in the case of Christopher Todd Communities, luxury homes that are for rent.  “We are creating a new way to live,” said Todd Wood, CEO of Christopher Todd Communities.

The company is an early adopter of this horizontal concept and recognizes the demand for single family residences without the hassles of home ownership. The company is also keenly aware of the economics that support their concept. For the second decade in a row, rental home demand will exceed own-homed demand, according to demographers. The real estate downturn left some people disillusioned with the idea of owning real estate, while others are burdened with student loan debt, making it difficult to buy a home.  The company believes that given the option of renting a single-family home in a planned rental community versus leasing in a traditional apartment complex, the decision is easy. “Who wouldn’t want the privacy of a technology-forward single-family home with a lushly-landscaped back yard in a gated community with pool and park that is designed specifically for their needs?” noted Wood.

The pet-friendly community called Christopher Todd Communities’ On Greenway is comprised of 136 one-and two-bedroom desert contemporary homes, ranging in size from 687 to 1,039 square feet, with front and back yards, plus optional detached garages. The first residents are expected to move in later this year, with a model opening in the fall.  The interest list is now building at www.ChristopherToddCommunities.com.

Christopher Todd Communities is the brainchild of Todd Wood, a successful Arizona entrepreneur who recently sold his Mesa-based Alpine Valley Bread Company, which he started with his family from scratch in 1997 and grew into a mega-million dollar annual enterprise. His business expertise and community passion are now being applied to this new venture, an innovative concept in the Valley of the Sun. Wood has outlined an aggressive growth path with plans to build a number of communities in the Phoenix Metropolitan area and beyond, while bringing positive changes to the markets in which the company operates.  An Arizona State University alumni, Wood earned his MBA from the W.P. Carey School of Business.

“One of the pillars of Christopher Todd Communities is the power of giving back in a meaningful way,” said Wood. “It is my honor and privilege to launch both this new rental community and an important initiative designed to positively transform the life of a deserving veteran.”

In lieu of a traditional ground breaking, City of Surprise officials, as well as veterans, community leaders and area residents joined in the celebration as the announcement was made of the Christopher Todd Communities’ New Lease on Life program.  “We are excited to partner with The Veterans Directory to identify and select a beneficiary for our inaugural neighborhood.  The recipient will receive free rent the first year and reduced rent for the next two years,” said Wood. The veteran will be selected based on several qualifications including, but not limited to family, health and educational needs, and ties to the community.

“Through the New Lease on Life program, we are fulfilling the promise that housing is more than just brick and mortar, by giving a deserving family a chance to put down roots.  This unique giveback is the cornerstone of our company and we feel very fortunate to be able to give in this meaningful way in Arizona and in each new market where Christopher Todd Communities will build,” added Wood.   “From our private gated entrance and lush landscaping to our well-appointed homes and philanthropic commitment, we are creating a new way to live,” noted Wood.

Christopher Todd Communities’ On Greenway is located near the US 60/Grand Ave., Loop 101 and Loop 303, plus the city of Surprise City Hall Plaza, Surprise Stadium, West Point Elementary School, Valley Vista High School and Ottawa University.

 

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