Taylor Morrison forges $850M joint venture with new build-to-rent investor

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Posted at 9:15 AM, May 03, 2022
and last updated 2022-05-03 12:15:46-04

On the heels of opening its first build-to-rent community in partnership with Mesa-based Christopher Todd Communities, Taylor Morrison Home Corp. has forged a new partnership with a global investment firm to expand even further into this niche market.

The Scottsdale-based homebuilder has formed an $850 million joint venture with VP Moondance Holdings LLC, an affiliate of Minneapolis-based Varde Partners to acquire undeveloped land on which to construct and operate build-to-rent projects, according to a May 2 filing with the U.S. Securities and Exchange Commission.

Committed capital will be funded 60% by Varde and 40% by Taylor Morrison, according to the regulatory filing.

The money will finance the long-standing partnership between Taylor Morrison and Christopher Todd Communities established in summer 2019.

Read more of this story from the Business Journal.