One of Surprise’s newer build-to-rent communities has changed hands.
Christopher Todd Capital bought Yardly Paradisi, a 193-home community at 12065 N. 168th Lane, from Taylor Morrison in a $32.8 million deal.
The community is now rebranded as Christopher Todd Communities Paradisi.
The gated community opened last year with private backyards in each home, a fitness center, heated pool and dog park with agility equipment.
Todd Wood, founder and CEO of Christopher Todd Communities, said the company is thrilled to have another property in Surprise under its ownership.
“This community aligns perfectly with our brand’s promise of quality, comfort and connection,” Wood said in a news release announcing the sale.
Yardly President Darin Rowe called the community a ”standout asset in Phoenix’s West Valley” and referred to Christopher Todd as a “trusted buyer.”
“This diverse housing product type blends the best of single-family and apartment living and helps solve our national need for housing,” Rowe said in the release.
Taylor Morrison’s sale to Christopher Todd is part of the homebuilders’ plan to construct and sell properties to fund future Yardly communities in the still growing build-to-rent market.
Brent Long, president of Christopher Todd Capital and Christopher Todd Communities, said the cottage-style build-to-rent communities both companies favor are still being embraced by the public.
Through its flagship Christopher Todd Communities brand, the company has become a big player in the Surprise real estate market.
Its new property joins three others already in Surprise.
Christopher Todd Communities At Marley Park is made up of one- and two-bedroom luxury rental homes at 15025 W. Old Oak Lane.
Christopher Todd Communities On Mountain View is a complex using smart home technology and maintenance-free living at 14155 W. Mountain View Boulevard.
And Christopher Todd Communities On Greenway, 15267 N. 140th Drive, features homes between 668 and 1,022 square feet.
The U.S. build-to-rent market grew about 16% in the past year, according to themortgagepoint.com.
The mortgage watchdog website reported an estimated 39,000 new single-family BTR rental homes were completed in 2024. About 5,000 of them came just from Phoenix.
Real estate experts said factors like a housing shortage and affordability issues with homeownership are keeping the popularity of BTRs steady.
Jason Stone can be reached at jstone@iniusa.org. We’d like to invite our readers to submit their civil comments, pro or con, on this issue. Email AZOpinions@iniusa.org.
Meet Jason Jason Stone joined Independent Newsmedia, Inc., USA, in 2019, after a distinguished three decade media career that included stops at the Arizona Republic, iHeart Media/Clear Channel and Beckett Sports Card magazine. He remembers when airports sold newspapers.
Community: He is a big supporter of the Valley's original sports team: The Phoenix Suns.
Education: Northern Arizona University with a BS in broadcast journalism and a minor in sports coaching.
Random Fact: The capital of Nebraska is Lincoln.
Hobbies: Surfing, backgammon and men who aren't afraid to cry.
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