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.
