TerraLane Communities has announced its official company launch. The single-family rental home developer is bringing high-tech, spacious, and maintenance-free living to select Western U.S. markets, beginning with Greater Phoenix.
With approximately $250 million in assets already under development, TerraLane is building more than 1,100 rental homes across five communities in the Phoenix metro within the next two years. The firm’s outlook 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.,” says Steven La Terra, CEO of TerraLane Communities. “Phoenix is now the fifth largest city in the U.S. with hundreds of new residents moving into the Valley daily. Our team is excited to officially introduce TerraLane Communities to the Valley and the broader Western market.”
TerraLane residences are designed with open floor plans and are consistent across all five of the firm’s existing properties. Plan 1 is a 642-square-foot one-bedroom and one-bath home, and Plan 2 is a 995-square-foot two-bedroom and two-bath detached home. Both plans include spacious, fenced-in private backyards that are finished with landscaping, turf, and paver patios.
Home interiors are outfitted with upscale finishes, including hardwood-inspired plank flooring, granite countertops, 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.
Plus, technology is at the forefront of TerraLane’s strategic approach. Fiberoptic cabling is installed in every home, and smart home systems allow renters to utilize voice-activated technology, self-monitored alarm systems, keyless entry, and other security features such as facial recognition guest entry.
All existing or planned communities will have controlled, gated access and will include an expansive, heated swimming pool and jacuzzi, a poolside sun deck, a ramada, and a flat-screen TV, in addition to barbecue grilling stations and an outdoor fire pit with seating. As pet-friendly communities, all TerraLane properties will have access to plenty of walking trails and parks.
“We are pleased with TerraLane’s momentum out of the gate as a dynamic new creator of build-for-rent homes,” says Richard Whiteley, co-president and chief operating officer at IHP Capital Partners. “Backed by a large private investment group and run by a highly experienced team, TerraLane Communities is positioned to outperform its competitors and continue its trajectory of growth by delivering unique new rental home communities with upscale features and amenities.”
