POOLER, GA. — Jim Chapman Construction Group has broken ground on The Cottages at New Hampstead, a 327-unit build-to-rent residential development underway in Pooler, a western suburb of Savannah. Situated off Little Neck Road near the Savannah/Hilton Head International Airport, the gated, 66-acre project will include attached townhomes offering a mix of floor plans ranging from 1,020 to 1,466 square feet. Amenities at The Cottages at New Hampstead will include onsite management and leasing offices, 24-hour emergency maintenance, a clubhouse, swimming pool, fitness center, sidewalks and streetlights. The project is on track for completion in December and leasing will begin in January 2024.
FAYETTEVILLE, GA. — Alpharetta, Ga.-based Parkland Communities has secured zoning approval from the City of Fayetteville’s Planning & Zoning Commission for the development of Morgan Park, a 124-unit build-to-rent townhome community to be located between East Laier and Booker avenues. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will feature two- and three-bedroom townhomes ranging from 1,636 to 1,958 square feet. Each townhome will feature a one-car garage and covered outdoor living space. Amenities at the property will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline was not disclosed.
WAXAHACHIE, TEXAS — Wan Bridge, a Texas-based owner-operator, has completed Sonata Estates, a 127-unit build-to-rent residential project in Waxahachie, a southern suburb of Dallas. The development houses three- to four-bedroom townhomes that range in size from 1,612 to 1,854 square feet. Amenities include a pool and splash pad, playground, outdoor sports courts, covered picnic areas and baseball fields. Residents also have access to onsite maintenance services and a walking path that connects to a nearby park. Rents start at $2,250 per month.
WILDWOOD, FLA. — Advenir Oakley Capital will begin development on LEO at Wildwood, a new multifamily development in Wildwood, part of The Villages MSA in Central Florida. Miami-based Advenir Living purchased the site in September 2022 in partnership with Birmingham-based Oakley Group for $8.5 million. Upon completion, LEO at Wildwood will feature standalone cottages with attached garages, duplexes, rowhouses and carriage houses. Residences will range from 782 to 1,300 square feet. Certified General Contractors will serve as the general contractor on the project, which was designed by Nequette Architecture & Design. Amenities will include a swimming pool, clubhouse with a 24-hour fitness center and coffee/water bar, internet lounge, pocket parks, a dog park, pet washing station and free Wi-Fi. Delivery of the first homes is scheduled for January 2025. Monthly rental rates will range from $1,900 to $2,700.
FORT WORTH, TEXAS — Tower Capital, an Arizona-based boutique advisory firm, has arranged $72.9 million in construction financing for Village at Golden Triangle, a 317-unit build-to-rent residential project in Fort Worth. The borrower and developer, Arizona-based Empire Group, acquired the 48-acre site in August 2022 with plans to develop 30 acres and sell the remaining 18, which are zoned for retail and office usage. Homes will come in one-, two- and three-bedroom formats and have private yards. Residents will have access to amenities such as a pool, outdoor grilling and dining areas, fitness center and a community clubhouse. Construction is set to begin by the end of the month. An expected completion date was not disclosed.
Barings, Foulger Pratt Purchase Build-to-Rent Residential Community Underway in Metro Raleigh for $50M
WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent (BTR) residential community under construction in Wendell, an eastern suburb of Raleigh. The undisclosed seller and developer sold the unnamed project for $50 million. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first half of 2024. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland.
TruAmerica Multifamily Plans $86M Build-to-Rent Residential Project Near Spartanburg, South Carolina
INMAN, S.C. — TruAmerica Multifamily has purchased a 33-acre site in the Spartanburg suburb of Inman for the development of Hartley View, an $86 million build-to-rent (BTR) residential community. The project will include 281 rental homes, including a mix of 214 townhomes, as well as 67 detached single-family residences. Layouts will range from 1,260 square feet to 2,200 square feet. Amenities will include a pool, dog parks, playgrounds, community parks and four acres of open wooded and recreation spaces. Hartley View represents TruAmerica’s first BTR community. The developer plans to begin horizontal construction at the site in summer 2024 and begin vertical construction in December 2024. Delivery of the first homes is scheduled for summer 2025. Brad Morris of New Deco Inc. represented the seller, Converse Development, in the land sale.
SAN ANTONIO — A joint venture between Virginia-based Capital Square and Japanese investment firm ITOCHU Corp. has purchased Creekside Terrace, a 100-unit build-to-rent project that is under construction in San Antonio. National homebuilder Pulte Homes is developing the project, which will offer three- and four-bedroom homes and amenities such as a pool, pavilion and park that connects to nearby shopping and dining outlets. The first units are expected to be available for occupancy in November, and full completion of the property is slated for next fall.
JCCG Begins Construction on 244-Unit Build-to-Rent Residential Development in Fort Oglethorpe, Georgia
FORT OGLETHORPE, GA. — General contractor Jim Chapman Construction Group (JCCG) has started construction on The Cottages at Battlefield Crossing, a 244-unit build-to-rent (BTR) townhome project located at the intersection of Dietz Road and Battlefield Parkway in Fort Oglethorpe. Situated on 41 acres about nine miles south of Chattanooga, Tenn., the property will feature homes in five floorplans totaling 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center and 24-hour emergency maintenance services. The developer and construction timeline were not disclosed.
YORKVILLE, ILL. — Moda Homes has completed Phase I of Bristol Bay of Yorkville, a 240-unit build-to-rent townhome community in Yorkville, a southwest suburb of Chicago. Moda has completed 61 of the homes and is underway on Phase II. RMK Management Corp. is the property manager. Units at Bristol Bay range from 1,469 to 1,724 square feet, while monthly rents range from $2,325 to $2,700. All floor plans feature a main level with an open-concept kitchen and family room, powder room, coat closet, private patio and attached two-car garage. The second level of each home features a primary suite with a bath and walk-in closet, along with one or two secondary bedrooms, a full hall bath and laundry room with full-size washer and dryer.