MADISON — Landmark Properties has broken ground for Everstead at Madison – its first “build-to-rent” single-family neighborhood.
The development on Mill Road is to help meet the demand for more single-family homes in the area, the company said.
Landmark is an Athens, Ga-based real estate firm specializing in residential communities. The company plans to deliver the first homes in 2023, with full completion of the neighborhood in 2024.
“With our new Everstead developments, Landmark is putting its time-tested, integrated and scalable platform to work helping a new generation of renters find the right high-quality solution for their next housing decision,” said Landmark President and CEO Wes Rogers. “Single-family homes for rent have become an important way for many to enjoy the benefits of a neighborhood without the long-term financial commitment to home ownership.”
Everstead will feature 231 townhouses, single-family homes, and cottage-style homes. Amenities include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also have an attached garage.
The gated community includes a resort-style swimming pool, fitness center, playground, fire pit, grilling area, and dog park, among other offerings. On-site parking with several spaces dedicated for guests will complete the community.
The development is convenient to Cummings Research Park, Bridge Street Town Centre, Toyota Field, and MidCity District.
“We are thrilled to break ground on our first build-to-rent project that will be the first of many more communities thoughtfully designed and purpose-built specifically for those who want to live in a neighborhood setting without the burden of a mortgage,” said Blair Sweeney, Landmark’s managing director of Build-to-Rent. “We seek to increase the rental housing supply to meet demand and take pressure off the for-sale market.”
TSB Capital Advisors arranged financing for the project.