Realtor Magazine
Builders who typically serve the homebuying market are beginning to allocate some of their real estate stock to the rental market, hoping to capitalize on strong rental demand. Toll Brothers is leading the charge, putting $60 million into a build-to-rent venture. The company initially will target Boise, Idaho; Dallas; Denver; Houston; Jacksonville, Fla.; Las Vegas; and Phoenix. “We are investing in the single-family build-to-rent sector,” Toll Brothers CEO Doug Yearly said in a second-quarter earnings call last week. “This is another business we believe has great potential.”
Toll Brothers has partnered with BB Living, an established build-to-rent developer, for its new venture. BB Living will take the lead role in leasing and managing properties, while Toll Brothers will look for land opportunities and help with architecture and construction. The venture will be branded as BB Living, not Toll Brothers.
