ATHENS, Ga — Landmark Properties announced today the first groundbreaking from its new “build-to-rent” division focused on single-family rental home neighborhoods. Construction began in September at The Everstead at Madison in Madison, Ala., and the company’s build-to-rent division will bring more single-family homes on the market to meet current demand across the country.
TSB Capital Advisors arranged financing for the project.
“With our new Everstead developments, Landmark is putting its time-tested, integrated and scalable platform to work helping a new generation of renters find the right high-quality solution for their next housing decision,” said Landmark President and CEO Wes Rogers. “Single-family homes for rent have become an important way for many to enjoy the benefits of a neighborhood without the long-term financial commitment to home ownership.”
Located at 225 Mill Road, The Everstead at Madison in Madison, Ala. will feature 231 townhouses, single-family homes, and cottage-style homes. Amenities for the build-to-rent property include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage.
The gated community will provide residents access to several high-quality, shared amenities, including a resort-style swimming pool, fitness center, playground, fire pit, grilling area, and dog park, among other offerings. On-site parking with several spaces dedicated for guests will complete the community. Just west of Huntsville, Alabama’s largest city according to 2020 Census data, The Everstead at Madison provides residents proximity to business and employment centers, schools, retail, and entertainment areas, including Cumming Research Park, Bridge Street Town Center, Toyota Field, and the Huntsville Amphitheater in the Mid-City District. Landmark anticipates the first homes to be delivered in 2023, with full completion of the neighborhood in 2024.
“We are thrilled to break ground on our first build-to-rent project that will be the first of many more communities thoughtfully designed and purpose-built specifically for those who want to live in a neighborhood setting without the burden of a mortgage,” said Blair Sweeney, Landmark’s Managing Director of Build-to-Rent. “We seek to increase the rental housing supply to meet demand and take pressure off the for-sale market.”
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