(Disclosure: Rose Law Group represents Christopher Todd Communities.)
By Will Parker | Wall Street Journal
For some residents, the gated community in the Arizona desert is their first go at suburban living. The 222 houses have tile roofs, garages and white-fenced backyards where residents host barbecues and their dogs play. But these aren’t forever homes, or even starters: They are one- and two-bedroom rentals, with rents starting at $1,420 a month.
Subdivisions such as Christopher Todd Communities on Happy Valley, located 30 miles outside of Phoenix, were built for renters from the start. Owner and developer Todd Wood, a former organic food mogul, started his real-estate company almost five years ago to seize on what he saw as an increasing demand for rental housing. Mr. Wood has now developed more than 2,000 rental houses around greater Phoenix.
The Phoenix-area subdivision Christopher Todd Communities on Happy Valley spans 222 one- and two-bedroom houses that were built to be rented.