TerraLane Communities Completes Construction for Build-For-Rent Community in Arizona
Leading build-to-rent investor-developer reaches milestone, focuses on growth in 2024
GOODYEAR, Ariz. – TerraLane Communities, a premier investor and developer of rental neighborhoods, and the build-to-rent arm of residential investor-developer IHP Capital Partners, announces the completion of TerraLane at Canyon Trails South, a new premier rental home community in Goodyear. Consisting of 297 modern residences and ample amenities, the community is open and experiencing strong leasing activity.
“TerraLane Communities is excited to welcome residents to our newly completed Canyon Trails South community, which offers an exceptional lifestyle with luxurious and secure rental homes, top-tier amenities and convenient access to the Valley’s expanding employment and entertainment centers,” said Steve La Terra, CEO of TerraLane Communities. “Goodyear is one of the fastest growing cities in the U.S. As the Phoenix MSA continues to attract major corporations and draw new residents, TerraLane Communities is pleased to offer a high-quality technology-forward rental living option that residents desire.”
TerraLane at Canyon Trails South is located at 25 North 173rd Avenue. Less than a mile south of the I-10 and 303 freeway interchange, residents have convenient access to transportation, employment and services. It is immediately south of TerraLane at Canyon Trails, which TerraLane Communities completed and sold in 2022.
TerraLane at Canyon Trails South offers floorplans designed to appeal to young professionals and part-time Phoenix area residents as well as families and active adult move-downs. Plan 1 is a 642-square-foot one-bedroom, one-bathroom home and Plan 2 is a 995-square-foot two-bedroom, two-bathroom home. Both plans are single-family detached and include spacious, fenced-in private backyards that are finished with landscaping, Astro turf and paver patios. All residences feature faux-vinyl wood flooring and a gourmet-style kitchen outfitted with quartz countertops and stainless-steel, energy-efficient appliances.
Consistent with all TerraLane Communities developments, TerraLane at Canyon Trails South is built with a heightened focus on technology and functionality and incorporates smart home features such as remote thermostat control, keyless door entry, and doorbell camera lighting controls. To allow for seamless integration of future technologies, each rental home is built with fiberoptic cabling.
The community is secured by a controlled gated entry. Amenities include a heated swimming pool and jacuzzi, fitness center, outdoor poolside sunning deck, ramada and flat-screen TV, in addition to barbecue grilling stations and an outdoor fire pit with seating. Complementary Wi-Fi is provided throughout the common amenity areas. TerraLane at Canyon Trails South is pet-friendly and offers a dog park and access to multiple walking trails and parks.
Property management and leasing is led by Mark Taylor.
TerraLane Communities also recently completed TerraLane at Park McDowell, a 163-rental home community near lease-up in Phoenix. Located at 2250 N. 95th Avenue, near the I-10 and 101 freeway interchange, the community offers the same amenities, convenience and lifestyle consistent with TerraLane at Canyon Trails South.
“With the successful completion and opening of two more marquee developments, TerraLane Communities is focused on growth in 2024 and is pursuing new opportunities to expand our portfolio,” added La Terra. “Our firm has completed more than 1,100 upscale rental homes across five communities within the Phoenix MSA, and recently opened our first project in El Paso, TerraLane at Campo del Sol. We remain committed to building best-in-class rental home communities that raise the bar in this sector.”
“Phoenix continues to flourish and attract new major investment and developments that are projected to create more than 26,000 new jobs in the coming years, driving economic growth and housing demand,” said Richard Whiteley, co-president and chief executive officer at IHP Capital Partners. “Build-for-rent communities, or horizontal apartments, have become an important component of the Valley’s housing landscape, as professionals in these burgeoning technology-related industries seek modern, flexible living arrangements. Through TerraLane Communities, we are pleased to invest in innovative housing solutions that cater to the evolving needs of Arizona’s vibrant communities.”
About TerraLane Communities
Founded in 2019, TerraLane Communities is a premier developer of high-quality modern single-story rental homes and the build-to-rent arm of residential equity provider IHP Capital Partners. With offices in Scottsdale, Ariz. and Newport Beach, Calif., TerraLane brings high-tech and spacious maintenance-free living to select markets in the western U.S. and Texas. The company has completed or is currently under construction on more than 1,100 expertly designed residences in the Phoenix Metro. With the successful execution of two business plans for build-to-rent properties complete, TerraLane is focused on expanding into new housing markets in the southwestern U.S. and Texas. For more information, visit terralanecommunities.com.
About IHP Capital Partners
IHP Capital Partners was founded in 1992 and celebrates three decades of industry leadership as one of the nation’s leading real estate investment firms. The company facilitates a path to success for its investor and development partners by providing equity for residential projects throughout the country, with a focus on the western U.S. A tactical partner and trusted fiduciary, IHP’s track record is built on experience, expertise and long-term sustained partnerships with well-known institutional investors and a wide range of the industry’s most notable builders and developers. For more information, visit www.IHPInc.com. Follow the company on LinkedIn.
