In the news–Santa Fe New Mexican March 4, 2023
BUILDING SANTA FE
Single-family, built-to-rent is coming, sooner than you think
By Kim Shanahan
Mar 4, 2023
This article mentions John Rizzo, an experienced tech entrepreneur, and how the New MexicanBusiness Editor Teya Vitu noted Rizzo was backing away from real estate developing.
Santa Fe is no place for beginners in development, Rizzo was noted as savvy enough to sell a 19.2-acre parcel he owned in Las Soleras on the north side of Beckner Road near Presbyterian hospital. An Early Neighborhood Notification meeting Monday introduced a new developer to Santa Fe, Phoenix-based. Keystone Homes, a family-owned company, with plans for something new in the market — single-family, built-to-rent.
Keystone Homes has built ownership subdivisions since 1989 but started build-to-rent communities in early 2022 with a product line called The Havenly.
Phoenix has been the epicenter of build-to-rent communities, a relatively new real estate asset class evolving from companies that bought huge swaths of foreclosed properties after the crash of 2008 and assembled them under rental companies. According to this article build-to-rent communities built as new subdivisions were built once the supply of distressed properties dried up.
John Rizzo’s property was zoned R-21, meaning more than 400 apartments could have been built, but Keystone’s Havenly will be under 200. Sometimes called “horizontal multifamily,” the one- to three-bedroom homes range from 720 to 1,600 square feet. They’re on tiny lots but all have private yards. Most are single-story, but a few are two-story units with three bedrooms, three baths and a spacious loft area.
Parking will be like an apartment complex, with walking paths back to the homes. A few garages, also for rent, will be built. Apartment amenities like a clubhouse, on-site management offices, playgrounds and barbecue areas will be provided.
Read the complete article HERE.
Categorised in: Build to Rent
This post was written by Keystone Homes