CYPRESS, TEXAS — Clay Residential, an affiliate of locally based firm Clay Development, has broken ground on Willow at Marvida, a 368-unit single-family rental project in the northwestern Houston suburb of Cypress. The site is located within Marvida, an 856-acre master-planned community by Land Tejas. The development will consist of 134 detached homes and 234 attached villas. Residences will feature three-, four- and five-bedroom floor plans, will range in size from 1,382 to 2,900 square feet and will have fenced-in backyards. Residents will have access to Marvida’s amenity center, which is under construction and will ultimately house a pool, clubhouse, fitness center, playground and a dog park. Full completion is slated for 2026.
Affordable HousingBuild-to-RentGeorgiaMarket ReportsMultifamilySingle-Family RentalSoutheastSoutheast Market Reports
Why Investors Should Love Atlanta’s Multifamily Market
Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …
Advenir Oakley to Develop 246-Unit Build-to-Rent Residential Property in Cartersville, Georgia
CARTERSVILLE, GA. — Advenir Oakley Capital has purchased 28 acres in Cartersville for the development of LEO at Cartersville, a 246-unit build-to-rent residential property. The $65 million project will be situated at the interchange of I-75 and Ga. Highway 20, about 38 miles northwest of Atlanta in Bartow County. Alex Phillips of Cushman & Wakefield represented both the buyer and undisclosed seller in the land transaction. Designed by Birmingham, Ala.-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one-, two- and three-bedroom cottages ranging in size from 728 to 1,510 square feet. Community amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center and a dog park. Birmingham-based Capstone Building Corp. is the general contractor for the project, which is set to break ground next month. Advenir Oakley expects LEO at Cartersville to be fully completed by August 2025, with first deliveries scheduled for December 2024.
Stirling, Level Homes to Develop Build-to-Rent Residential Project in Geismar, Louisiana
GEISMAR, LA. — A joint venture between Stirling and Level Homes plans to develop Arabella at Dutchtown Townhomes, a build-to-rent (BTR) residential development in Geismar. The companies recently acquired a 7.5-acre parcel for the project, which will comprise 48 three-bedroom single-family townhomes, as well as a leasing office and clubhouse. The design-build team includes architect Architectural Studio and general contractor/homebuilder Level Homes. Stirling will be responsible for development, horizontal land improvements and amenities, in addition to asset management and accounting oversight of the project. BH Management will handle daily onsite management and leasing. Construction will begin on the first townhomes later this month, and the development is expected to be complete by the end of 2024.
Wolfson Sells Build-to-Rent Residential Community in Tampa Bay Area for $59M
BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold a build-to-rent (BTR) residential community in the Tampa Bay city of Bradenton for $59 million. The buyer was not disclosed, but Manatee County Property Appraiser files identify the buyer as an affiliate of New York-based JP Morgan Asset Management. The Tampa Bay-area community, known as Cantabria Bradenton, spans 184 three- and four-bedroom homes on 36 acres. The property comprises 172 attached townhomes and 12 detached single-family homes, each with attached garages and private, fenced yards. Community amenities include a clubhouse, fitness center, pool, walking trails and picnic areas. Wolfson Development has a pipeline of nearly 2,000 units, including Cantabria Bradenton, with a total exit valuation of nearly $1 billion. The sale was done in partnership with Transcendent Investment Management and Dan Armistead.
Banyan Residential Breaks Ground on 234-Unit Build-to-Rent Project in Metro Austin
PFLUGERVILLE, TEXAS — Los Angeles-based developer Banyan Residential has broken ground on Banyan Everton, a 234-unit build-to-rent project in the northern Austin suburb of Pflugerville. The site spans 34.4 acres. Homes will come in three- and four-bedroom floor plans, have an average size of 1,771 and include private garages and fenced backyards. Banyan Everton will also offer a communal pool, fitness center and open green space. Completion is scheduled for the first quarter of 2024.
MZ Capital Purchases 87-Unit Single-Family Rental Community in Knoxville, Tennessee
KNOXVILLE, TENN. — MZ Capital Partners has purchased the Residences at Devanshire, a community comprising 87 single-family rental homes in Knoxville. Built in 2006, the property features units with three bedrooms and two full bathrooms. Homes also feature back porches or patios, attached garage parking and grass backyards. The sales price and seller were not disclosed.
Core Spaces Underway on 408-Unit Build-to-Rent Residential Project in Princeton, Texas
PRINCETON, TEXAS — Core Spaces, a developer with offices in Chicago and Austin, is underway on construction of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Completion is scheduled for April 2024.
Amid Institutional Inertia, New Opportunities Arise for Smaller SFR Investors — If They Can Access Capital
By Marcia Kaufman, CEO of Bayport Funding Heightened real estate investment activity in the single-family rental (SFR) market in recent years has resulted in limited supply and commensurate pricing elevations across the country. Today, institutional investors with portfolios exceeding 1,000 units own approximately 3 percent of the 14 million SFR properties nationwide, or roughly 420,000 homes. Per a recent analysis conducted by Stateline, the nonprofit news service of Pew Charitable Trusts, as of 2022, both institutional and non-institutional investors own approximately 25 percent of all single-family homes (SFHs). Statistics provided by Redfin shed further light on these figures. A record-breaking 80 percent increase in SFH investment activity occurred between 2020 and 2021 in conjunction with lower mortgage rates at that time. By contrast, 2023’s combination of a cooling market, high interest rates, increasing prices and recession fears are leading many of the nation’s larger institutional investors — many of whom purchased during the pandemic — to offload their inventory with an urgency not seen in decades. This is resulting in opportunities for individual investors to build their SFR portfolios at a time in which demand is particularly high. The climate for growing an SFR portfolio is made more auspicious when …
Embrey to Develop 214-Unit Build-to-Rent Residential Community in Boerne, Texas
BOERNE, TEXAS — Locally based developer Embrey will build a 214-unit build-to-rent residential community in Boerne, a northwestern suburb of San Antonio. The site spans 27.5 acres at 1670 State Highway 46. Homes will have an average size of 1,100 square feet, and amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas, as well as multiple dog parks, sitting areas and walking trails. Russell Noll of Transwestern represented the undisclosed seller in the land deal. Construction is set to begin in June, and the first units are expected to be delivered in summer 2024.