TerraLane Launches New Luxury Single Family Home Rental Company
TerraLane Communities, a leading developer of luxury single-family rental homes, announces the official launch of its company. TerraLane is bringing a high-tech, spacious and maintenance-free life to select markets in the western United States, starting with the Greater Phoenix. The company has offices in Scottsdale, Arizona and Newport Beach, California, and is headed by Managing Director, Steven La Terra. With approximately $ 250 million in assets already under development, TerraLane will build more than 1,100 high-end rental units in five communities in the Phoenix metro area over the next two years. The company’s outlook is to expand rapidly in targeted western geographic areas and increase its offerings with additional new housing products.
“TerraLane Communities creates an upscale, secure and spacious living experience for tenants in one of the most expanding regions in the United States,” said La Terra. “Phoenix is now the fifth largest city in the United States with hundreds of new residents settling in the valley daily. TerraLane communities are built with an increased emphasis on technology, functionality and accessibility, and we believe we are delivering a truly special product. Our team is delighted to officially introduce the TerraLane communities to the valley and the wider western market. “
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The five existing communities of TerraLane include:
• TerraLane at Canyon Trails, located at 195 N. 173rd Avenue, Goodyear, Arizona, is open and actively rents homes to new residents. The community has 263 housing units in total, of which 120 are currently rented. Phase 4 recently opened and Phase 5 is almost complete.
• TerraLane on cotton, located at 17180 W. Sweetwater Avenue, Surprise, Arizona, is in various stages of development, from poured slabs to framing and stucco. The project includes 245 housing units in total which are expected to hit the market in the first quarter of 2022.
• TerraLane in South Mountain, located at 8449 S. 59e Avenue, Phoenix, Arizona, is open and actively leasing Phase 2. The community has 148 units in total, of which 51 are currently leased. Phases 3 and 4 are in progress with the stucco and the framework.
• TerraLane at Canyon Trails Sud, located immediately south of TerraLane at Canyon Trails along 173rd Avenue in Goodyear, Arizona, will include 299 homes upon completion. Development of the project site is underway and clearing and grading has been completed. The community is slated to open in the first quarter of 2023 after the full rental of TerraLane to Canyon Trails.
• TerraLane at McDowell Park, located at 2250 N. 95e Avenue, Phoenix, Arizona, will include 163 residences in total upon completion. The project is under development and the pouring of the slab should begin in the first quarter of 2022. The community is scheduled to open in the fourth quarter of 2022.
TerraLane residences are efficiently designed with open layouts and floor plans that are consistent across all of the company’s existing properties. Plan 1 is a 642 square foot one bedroom, one bath single family home and Plan 2 is a 995 square foot two bedroom two bathroom single family home. Both plans include spacious, fenced private backyards that are finished with landscaping, Astro sod, and paved patios.
Technology is at the forefront of TerraLane’s strategic approach and a major differentiator for the company. Fiber optic cabling is installed in every TerraLane home, which is unique in the rental construction industry and allows for seamless integration of future technologies as they progress. This enhanced functionality enables TerraLane to offer its residents a distinctively simplified, smart and secure rental home.
Every TerraLane home is equipped with a Honeywell smart home system, which consists of voice activated technology, self-monitoring alarm system, keyless entry and other security features. such as guest entry by facial recognition. Wi-Fi routers are preinstalled in every home to provide super-fast internet connection, or 1 Gigabit per second (Gbps), allowing high functionality for downloading movies / videos and holding ultra-high definition video conferences.
TerraLane interiors are outfitted with modern, gourmet kitchens and feature premium finishes such as hardwood-inspired plank floors, granite countertops with contemporary custom cabinetry, and stainless steel appliances. All accommodation includes a washing machine and tumble dryer. The houses are pet-friendly, suitable for both cats and dogs, with pet doors that lead to backyards.
With resort-inspired amenities, TerraLane communities are designed to provide a luxury retreat-like experience for its residents. All existing or planned communities will have controlled and gated access and will include an expansive heated swimming pool and jacuzzi, outdoor poolside terrace, ramada, and flat-screen TV, in addition to BBQ grill stations and outdoor seating. ‘an outdoor fireplace with seating. Wi-Fi will be available in all public areas. As pet-friendly communities, all TerraLane properties will have access to numerous walking trails and parks.
“The demand for buildable housing in the valley is high as the region is experiencing historic economic and population growth,” added LaTerra. “TerraLane is growing remarkably rapidly and plans to augment its portfolio with more modern, high quality assets in locations across the West with strong economic fundamentals. We are deliberately targeting sites that can provide residents of TerraLane with convenient access to transportation, employment and services.
As CEO of TerraLane, La Terra is responsible for all aspects of the company’s operations. He focuses his efforts on the assessment of new opportunities, portfolio management and investor / partner relations. TerraLane’s Advisory Board includes a formidable roster of exceptionally experienced leaders in the home construction industry. Members of the Board of Directors include professionals from IHP Capital Partners including Douglas Neff, Co-Founder and Managing Director, Donald Grant, Co-Founder and Executive Vice-President, Richard Whiteley, Co-President and Director of operations, Christopher Bley, co-president and chief investment officer, and Doug Abbey, co-founder.
“We are thrilled with TerraLane’s momentum from the start as a dynamic new builder of build-for-rental homes,” said Whiteley. “Backed by a large private investment group and managed by a very experienced team, TerraLane Communities is well positioned to outperform its competitors and continue its growth trajectory by offering unique new rental housing communities with top notch features and amenities. range. “
TerraLane is actively seeking additional locations for its next community development and is looking for talented individuals to join its team to support the rapid growth of the business.