Condev Communities
The Condev Communities team has been actively involved in the Single-Family Rental (SFR) space since before it was considered a "thing", dating back to our first distressed housing venture in 2008. In that venture, we created a vertically integrated business model that executed all phases of the business plan from pre-acquisition analysis through construction management, leasing, resident services, and concluding with asset management and investor reporting.
The emergence of SFR as an institutional-grade asset class and its demand for inventory has given rise to ground-up, built to rent SFR assets, known as BTR or BFR. Initially, BTR consisted of investor/operators contracting with third party home builders to sell them scattered homes or small portions of larger for-sale communities. This has quickly evolved into the construction of entire dedicated BTR communities with designs, specifications, and amenities that appeal to the prospective resident while offering the owner reduced operating and maintenance costs.
In Central Florida, the competition among homebuilders is particularly fierce with many of the primary markets having more than 20 established regional and national builders competing for subdivision opportunities. Simply put, the most desirable BTR markets are also among the strongest for new home sales. This competitive environment is nothing new for Condev, with our track record of subdivision and Master Planned development success, but it does create a high hurdle for those seeking to enter these markets for BTR.
The second major challenge faced by new entrants in these markets is the complex entitlement process required to obtain the permits and approvals necessary prior to breaking ground for construction. The state legislation-driven process in Florida is notoriously tedious and time-consuming and can become very expensive when poorly managed. The Condev Communities Team has over five decades of collective experience managing the development entitlement process, and we always self-manage the entitlement and horizontal development in our communities.
The third area of concern is the design and construction of the community and the homes themselves. In 2002 the state adopted a consolidated statewide building code, the Florida Building Code, which is the most complex in the Southeast. Simply put, there is more to good design than just obtaining a permit. Condev relies on their extensive experience in asset management,operations and development to incorporate unique design features that make our homes and neighborhoods more livable.
A successful Build to Rent roll out in Florida requires a proven team to handle the acquisition, design, and entitlements combined with an experienced operations team to oversee design, construction and delivery in the way necessary to achieve the asset and portfolio goals of the investor.
Condev Communities is that Team.
For more information, please contact Chip Bryan