Steve La Terra, a former real estate analyst, has officially launched TerraLane Communities with plans to build more than 1,100 upscale luxury single-family rental homes in metro Phoenix within the next two years.

 

With $250 million in assets already under development for five communities in metro Phoenix, plans call for expanding into Colorado, Utah, Texas and perhaps even to Florida, Georgia and the Carolinas, said La Terra, who serves as CEO of TerraLane Communities. "I have been studying this space for years before I launched into it," he said.

 

Originally, when he was putting the company together over the past couple of years, he set up dual headquarters in Phoenix and Newport Beach, California, initially calling the company RSI/NP Communities LLC. But now, he's officially launching the company, named TerraLane

Communities, with its main headquarters in Scottsdale.

 

His goal is to use technology to set his business apart from all the other builders getting into this rapidly growing build-to-rent sector, where single-family detached homes are built into a  community with resort-like amenities. Fiber Optic cabling is installed in every TerraLane home, allowing for seamless integration of future technologies as they advance, La Terra said.

 

Every home is equipped with Honeywell's Smart Home system, which consists of voice-activated technology, self-monitored alarm systems, 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.

 

The gated access communities will include heated swimming pool and jacuzzi, outdoor poolside sunning deck, ramada and flatscreen TV, barbecue grilling stations and outdoor fire pit with

Seating. Rental rates range between $1,400 for a one-bedroom unit to somewhere between $1,800 and $1,900 for a two-bedroom home, La Terra said. All homes are pet-friendly, with pet doors leading to the backyards.

 

Tim Sullivan, senior managing principal at Zonda market research firm, had worked with La Terra several years ago back when Zonda was called Meyers Research. "Steve La Terra has launched a very thoughtful new series of communities focused on the deep build to rent opportunities in Maricopa County," Sullivan said. "His background in land, finance, and research have set him up to lead TerraLane into great success in the space. They have great product and consumer insights and I expect they will continue to build great places to live."

 

TerraLane's five existing communities include:

 

• TerraLane at Canyon Trails

Address: 195 N. 173rd Ave., Goodyear

Units: 263

Leased: 120

Status: Phase 4 recently opened with Phase 5 nearing completion.

 

• TerraLane on Cotton

Address: 17180 W. Sweetwater Ave., Surprise

Units: 245

Opening: Q1 2022

 

• TerraLane at South Mountain

Address: 8449 S. 59th Ave., Phoenix

Units: 148

Leased: 51

Status: Phases 3 and 4 are underway with stucco and framing.

 

• TerraLane at Canyon Trails South

Location: Immediately south of TerraLane at Canyon Trails, along

173rd Avenue in Goodyear

Units: 299

Status: Development of the project site is underway with clearing

and grading complete.

Opening: Q1 2023

 

• TerraLane at Park McDowell

Address: 2250 N. 95th Ave., Phoenix

Units: 163

Status: In development with slab pouring scheduled to start in Q1

2022.

Opening: Q4 2022.

This article was originally published in The Phoenix Business Journal on November 1, 2021. You can view that article by clicking here.