Taylor Morrison, Christopher Todd end build-to-rent JV

Homebuilder Taylor Morrison and developer Christopher Todd Communities are splitsville.

The two Arizona-based firms have decided to break up their exclusive partnership, after signing a three-year contract back in 2019. Under the terms of the original agreement, Taylor Morrison covered land acquisition, development and construction, while Christopher Todd was charged with “providing its successful build-to-rent playbook,” according to the 2019 media release.

The joint venture announced early this year that it had purchased six land sites in Grand Prairie, Celina, Denton, Melissa, Lavon and Saginaw, all designated for build-to-rent projects. The co-branded rental communities planned for those sites would have delivered 1,300 residences to North Texas. The two companies also reportedly had planned build-to-rent projects for Arizona, North Carolina and Florida.

Martha Moyer Wagoner, who handles media relations for Christopher Todd Communities, told Bisnow about the breakup last week. Though she did not disclose a reason for the termination, she confirmed that Christopher Todd will not be involved with any of the planned projects going forward.

Meanwhile, Taylor Morrison’s director of land entitlement and development, Jack Rowe, said the homebuilder plans to break ground on the $55 million, 810,000-square-foot project in Melissa this month. It would have been Christopher Todd’s first build-to-rent venture in Texas.

“We are both moving forward independently with plans that support each of our business objectives,” Wagoner said. “Christopher Todd Communities loves Texas, and we look forward to bringing our product back there.”

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— Maddy Sperling