Single-Family Rental

Stirling, Level Homes to Develop Build-to-Rent Residential Project in Geismar, Louisiana

by John Nelson May 10, 2023

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.

May 10, 2023

Acquisitions Build-to-Rent Florida Multifamily Single-Family Rental Southeast

Wolfson Sells Build-to-Rent Residential Community in Tampa Bay Area for $59M

by John Nelson May 9, 2023

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.

May 9, 2023

Build-to-Rent Development Single-Family Rental Texas

Banyan Residential Breaks Ground on 234-Unit Build-to-Rent Project in Metro Austin

by Taylor Williams May 3, 2023

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.

May 3, 2023

Acquisitions Multifamily Single-Family Rental Southeast Tennessee

MZ Capital Purchases 87-Unit Single-Family Rental Community in Knoxville, Tennessee

by John Nelson May 1, 2023

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.

May 1, 2023

Build-to-Rent Development Single-Family Rental Texas

Core Spaces Underway on 408-Unit Build-to-Rent Residential Project in Princeton, Texas

by Taylor Williams May 1, 2023

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.

May 1, 2023

Features Single-Family Rental

Amid Institutional Inertia, New Opportunities Arise for Smaller SFR Investors — If They Can Access Capital

by Taylor Williams April 26, 2023

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 …

April 26, 2023

Build-to-Rent Development Single-Family Rental Texas

Embrey to Develop 214-Unit Build-to-Rent Residential Community in Boerne, Texas

by Taylor Williams April 21, 2023

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.

April 21, 2023

Build-to-Rent Development Illinois Midwest Multifamily Single-Family Rental

RMK Begins Leasing Efforts for Townhome, Single-Family Rental Community in Gilberts, Illinois

by Kristin Harlow April 11, 2023

GILBERTS, ILL. — RMK Management Corp. has begun leasing efforts for Conservancy at Gilberts, a new community that will offer 94 rental townhomes and 90 single-family rental homes in the Northwest Chicago suburb of Gilberts. Construction is complete for the community’s first phase, which comprises 54 townhomes. Many of the townhomes have been leased and nine are occupied. Construction is underway on the remaining 40 townhomes. RMK has begun pre-leasing efforts for the first phase of 46 single-family rental homes, which are slated for occupancy in June. Two-and three-bedroom townhomes measure from 1,469 to 1,724 square feet with monthly rents ranging from $2,530 to $2,925. Four-bedroom townhomes measure from 2,114 to 2,423 square feet. Conservancy at Gilberts is a pet-friendly community and offers ample green space and outdoor areas.

April 11, 2023

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

JLL Brokers Sale of 48.1-Acre Build-to-Rent Development Site in Metro Tampa

by John Nelson April 7, 2023

WESLEY CHAPEL, FLA. — JLL Capital Markets has brokered the sale of a 48.1-acre build-to-rent development site located in Wesley Chapel. The site is approved for the construction of a 190-unit townhome community called GroveParc Townhomes. Max La Cava, Zach Nolan and Manny de Zarraga of JLL represented the seller, Blue Pointe Investors, in the transaction. Resibuilt acquired the property for an undisclosed price. Upon completion, which is scheduled for January 2025, GroveParc Townhomes will feature three- and four-bedroom townhomes with garages. Amenities will include a clubhouse, swimming pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent Krate & The Grove at Wesley Chapel, an open-air shopping center.

April 7, 2023

Arizona Build-to-Rent Development Multifamily Western

UrbanStreet Group Buys 17-Acre Parcel in Goodyear, Arizona for Build-to-Rent Development

by Jeff Shaw March 31, 2023

GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.

March 31, 2023

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