What is the exit strategy for BTR?

[David Pointer]

I understand build to rent (BTR) is a new strategy developers are using to exit their projects sooner. As I understand, the developers are willing to sell a whole community (e.g., a townhouse community) to an investor at a discount. The investor will work to reduce the vacancies and/or increase the rent to market rate. After the townhouse community has been stabilized in a few year, what is going to be the preferred exist strategy for the investor? Would it be to sell the community to an institutional investor that wants a stabilized property?