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11/01/21
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TerraLane Communities, a recently launched, luxury single-family rental home development firm, is building more than 1,100 upscale rental homes across five communities in Metro Phoenix within the next two years. The company’s goal is bring high-tech, spacious and maintenance-free living to select Western U.S. markets, beginning with Greater Phoenix.
The firm has offices in Scottsdale, Ariz. and Newport Beach, Calif., and is headed by Chief Executive Officer, Steven La Terra. With approximately $250 mil in assets already under development, TerraLane’s plan is to expand quickly into targeted western geographies and increase its offerings with additional new housing products.
“TerraLane Communities is creating an upscale, secure and spacious living experience for renters in one of the most rapidly expanding regions of the U.S.,” said La Terra. “Phoenix is now the fifth largest city in the U.S. with hundreds of new residents moving into the Valley daily. TerraLane’s communities are built with a heightened focus on technology, functionality and accessibility, and we believe that we are delivering a truly special product.”
TerraLane’s five existing communities include:
• TerraLane at Canyon Trails, located at 195 N. 173rd Ave, Goodyear, is open and actively leasing homes to new residents. The community includes 263 total homes, 120 of which are currently leased. Phase 4 recently opened with Phase 5 nearing completion.
• TerraLane on Cotton, located at 17180 W. Sweetwater Ave, Surprise, is in various stages of development from poured slabs, to framing and stucco. The project includes 245 total homes scheduled to hit the market during Q1 2022.
• TerraLane at South Mountain, located at 8449 S. 59th Ave, Phoenix, is open and actively leasing Phase 2. The community includes 148 total homes, of which 51 are currently leased. Phases 3 and 4 are underway with stucco and framing.
• TerraLane at Canyon Trails South, located immediately south of TerraLane at Canyon Trails along 173rd Ave in Goodyear, will include 299 homes at completion. Development of the project site is underway with clearing and grading complete. The community is scheduled to open in Q1 2023 after TerraLane at Canyon Trails is completely leased.
• TerraLane at Park McDowell, located at 2250 N. 95th Ave, Phoenix, will include 163 total residences at completion. The project is in development with slab pouring scheduled to start in Q1 2022. Community opening is anticipated in Q4 2022.
TerraLane residences are efficiently designed with open layouts and floorplans that are consistent across all of the firm’s existing properties. Plan 1 is a 642 sf, one-bedroom/one-bathroom single-family home and Plan 2 is a 995 sf, two-bedroom/two-bathroom single-family detached home. Both plans include spacious, fenced-in private backyards that are finished with landscaping, Astro turf and paver patios.
Technology is at the forefront of TerraLane’s strategic approach and a major differentiator for the firm. Fiberoptic cabling is installed in every TerraLane home, which is unique within the build-for-rent industry and allows for seamless integration of future technologies as they advance. This enhanced feature allows TerraLane to provide its residents a distinctively simplified, smart and secure rental home.
Every TerraLane home is equipped with a Honeywell’s Smart Home system, which consists of voice-activated technology, self-monitored alarm system, keyless entry and other security features such as facial recognition guest entry. Wi-Fi routers are pre-installed in each home to provide ultra-high-speed internet, or 1 Gigabit per second (Gbps), enabling high functionality for downloading movies/videos and holding videoconferences with ultra-high definition.
TerraLane’s home interiors are outfitted with gourmet modern kitchens and feature upscale finishes throughout such as hardwood-inspired plank flooring, granite countertops with custom, contemporary cabinetry and stainless-steel appliances. All units include a washer and dryer. The homes are pet-friendly, suited for both cats and dogs, with pet-doors that lead to the backyards.
With resort-inspired amenities, TerraLane’s communities are designed to provide a luxury retreat-like experience for its residents. All existing or planned communities will have controlled, gated access and will include an expansive, heated swimming pool and jacuzzi, 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 will be provided throughout the common amenity areas. As pet-friendly communities, all TerraLane properties will have access to plenty of walking trails and parks.
TerraLane’s advisory board includes a formidable roster of exceptionally experienced leaders within the homebuilding industry. Board members include professionals from IHP Capital Partners, including Douglas Neff, co-founding principal and chief executive officer, Donald Grant, co-founding principal and executive vice president, Richard Whiteley, co-president and chief operating officer, Christopher Bley, co-president and chief investment officer, and Doug Abbey, co-founder.
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