Gated Rental Community In Surprise Sold For $55M
Christopher Todd Capital purchased a 193-home rental community in the Phoenix suburb of Surprise for $55M last week, Phoenix Business Journal reported.
The property — a gated community that will be rebranded from Yardly Paradisi to Christopher Todd Communities Paradisi — sits at 12065 N. 168th Lane and is 95% leased. Amenities include a fitness center, heated pool, dog park, and private backyards for each home.
Christopher Todd Capital, a privately held family firm in Mesa, purchased the property from Scottsdale-based Taylor Morrison Home Corp., its former partner.
Northmarq’s Phoenix-based investment sales team represented Taylor Morrison as the seller, with its debt and equity team arranging $32.76M in acquisition financing on behalf of the buyer, according to PBJ.
The two companies first became intertwined in 2019, when affiliate Christopher Todd Communities formed a partnership with Taylor Morrison to build rental communities in Arizona. They opened a 144-unit joint community at 250 N. Ellsworth Road in Mesa in April 2022.
In late 2022, Christopher Todd and Morrison agreed to part ways, and Morrison built the Surprise community alone, finishing it in 2024.
Todd focused on self-financed acquisitions. In 2024, Christopher Todd Capital acquired a 217-unit, build-to-rent community in Avondale for $57M.
The latest Surprise acquisition brings Christopher Todd’s portfolio to 13 properties across Arizona and Texas.
