Christopher Todd Buys Taylor Morrison Homes in Surprise

Christopher Todd Capital has bought a residential development that traces to its split with Taylor Morrison.

The Mesa-based firm acquired a newly built rental community in Surprise from Scottsdale-based Taylor Morrison Home Corporation for $55.2 million, the Phoenix Business Journal reported. Christopher Todd closed on the 193-home property at 12065 North 168th Lane earlier this month, ending a years-long saga that began as a national build-to-rent partnership with Taylor Morrison.

Christopher Todd Capital affiliate Christopher Todd Communities joined forces with Taylor Morrison Home Corporation in 2019 to build rental communities across the country, starting in Arizona. The two firms worked together to find land to build rental homes in desirable locations. They opened their first joint community, a 144-unit development at 250 North Ellsworth Road in Mesa, in 2022. They secured the land for the 193-unit Surprise project in 2021 with plans to incorporate it into a new master-planned community along Loop 303. In late 2022, the two firms opted not to renew their partnership and went their separate ways.

Taylor Morrison charged forward and built the community in Surprise on its own, with construction wrapping up last year. The gated community was given the name Yardly Paradisi; under Christopher Todd’s stewardship, it will be rebranded Christopher Todd Communities Paradisi. The acquisition grows Christopher Todd’s portfolio to 13 properties totaling more than 3,200 units; 10 of those communities are in Arizona and three are in Texas.

The Surprise property was 95 percent leased when the transaction closed. The community comes with amenities like a fitness center, a heated pool and a dog park with agility equipment. Each home, described by Christopher Todd founder Todd Wood as a cottage-style abode, has its own private backyard.

Christopher Todd Communities has been doubling down on acquisitions via Christopher Todd Capital as the build-to-rent market grows. In April 2024, Christopher Todd Capital made its first acquisition in Arizona after developing property in previous years, dropping $57 million in cash on a 217-unit build-to-rent community in Avondale.

— Chris Malone Méndez