Single-Family Rental

Empire Group Acquires 48 Acres in Fort Worth for Build-to-Rent Residential Project

by Taylor Williams August 30, 2022

FORT WORTH, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 48 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth for the construction of a build-to-rent residential project. Empire plans to develop Village at Golden Triangle, which will comprise 323 homes on 30 acres, and sell the remaining 18 acres, which are zoned for office and/or retail development. Homes will come in a mix of one-, two- and three-bedroom formats with private backyards, and residential amenities will include a pool, outdoor grilling areas, a fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023. Details of the commercial component were not disclosed. Empire Group acquired the land for $16 million.

August 30, 2022

Build-to-Rent Loans Midwest Missouri Northmarq Single-Family Rental

Northmarq Arranges $23.5M Construction Loan for Build-to-Rent Townhome Development in Missouri

by Kristin Harlow August 18, 2022

CHESTERFIELD, MO. — Northmarq has arranged a $23.5 million loan for the construction of the Terraces at Wildhorse Village in Chesterfield, a western suburb of St. Louis. The 70-unit, luxury build-to-rent project is part of the larger Wildhorse Village, a $500 million mixed-use development. Each of the townhomes will feature three bedrooms spanning 2,250 square feet and include two-car garages. Construction is expected to begin later this summer and be completed in roughly 12 months. David Garfinkel of Northmarq arranged the five-year, fixed-rate loan through regional bank INB. St. Louis-based Pier Property Group (PPG) was the borrower. The Terraces will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s 266-unit luxury apartment development that is slated for completion in fall 2023.

August 18, 2022

Build-to-Rent Features Single-Family Rental

Yardi Matrix Report: Institutions Will Own 40 Percent of All Single-Family Rentals by 2030

by Jeff Shaw August 8, 2022

SANTA BARBARA, CALIF. — Institutional capital investment in single-family-rental (SFR) acquisitions and build-to-rent (BTR) projects is growing by leaps and bounds. Institutions funded $2.5 billion in SFR acquisitions in 2021 and committed more than $60 billion in capital to buying single-family rental homes over the past year, according to Yardi Matrix’s new report, “Build-to-Rent Fuels Growth in Institutional Single-Family Rental Market.” By 2030, Institutions are expected to own about 7.6 million homes, accounting for almost half (40 percent) of all single-family-rental units in the country. “The institutions that are getting involved in SFRs tend to be private equity funds,” says Paul Fiorilla, director of U.S. research at Yardi Matrix. “There are some traditional core investors that are getting into it, but it’s still looked at as a niche, high-yield sector.” According to Yardi Matrix, mom-and-pop owners still make up most single-family rentals, but institutions are increasing market share, with a heavy concentration in the Sun Belt. According to the National Association of Realtors, Texas (28 percent) topped the list of states with institutional buyers, followed by Georgia (19 percent), Oklahoma and Alabama (18 percent), and Mississippi (17 percent). However, with bulk and one-off home purchases becoming less attractive as options due …

August 8, 2022

Build-to-Rent Development Single-Family Rental Texas

AHV Communities to Develop 244-Unit Single-Family Rental Community in North Austin

by Taylor Williams August 3, 2022

AUSTIN, TEXAS — AHV Communities will develop a 244-unit single-family rental community on a 48-acre site in North Austin. Homes will come in three- and four-bedroom floor plans and range in size from 1,500 to 1,900 square feet. Residences will also feature two-car garages and private fenced backyards. Amenities will include a pool, fitness center, dog park, conference room, outdoor grilling and dining areas, clubhouse lounge and a bocce and outdoor game court. Preliminary sitework will begin in October, and vertical construction is scheduled to commence in the first quarter of next year. Full completion is slated late 2025.

August 3, 2022

Build-to-Rent Development Single-Family Rental Texas

AHV Communities to Develop 244-Unit Single-Family Rental Community in North Austin

by Taylor Williams August 3, 2022

AUSTIN, TEXAS — AHV Communities will develop a 244-unit single-family rental community on a 48-acre site in North Austin. Homes will come in three- and four-bedroom floor plans and range in size from 1,500 to 1,900 square feet. Residences will also feature two-car garages and private fenced backyards. Amenities will include a pool, fitness center, dog park, conference room, outdoor grilling and dining areas, clubhouse lounge and a bocce ball and outdoor game court. Preliminary sitework will begin in October, and vertical construction is scheduled to commence in the first quarter of next year. Full completion is slated late 2025.

August 3, 2022

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

RangeWater to Deliver 155-Unit Build-to-Rent Residential Community in Charleston

by John Nelson August 1, 2022

CHARLESTON, S.C. — RangeWater Real Estate has purchased 17 acres at the intersection of Bees Ferry Road and Bluewater Way in Charleston’s West Ashley submarket. The Atlanta-based company plans to develop 155 build-to-rent units at the site in a community named Bellerose at Bees Ferry, a Storia neighborhood. The property will comprise three-bedroom, two- bathroom townhomes that include one-car garages, 9-foot ceilings, gourmet kitchens with high-end appliances and stone countertops. The community will also feature an open-air club house, pool and firepits. RangeWater plans to break ground this month, and first move-ins are slated for October 2023.

August 1, 2022

Build-to-Rent Development Multifamily Single-Family Rental Texas

RangeWater Underway on Development of 120 Build-to-Rent Homes, 325 Apartment Units in Fort Worth

by Taylor Williams July 26, 2022

FORT WORTH, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of 120 build-to-rent (BTR) homes and 325 apartment units in Fort Worth. Both complexes will be situated on a 23-acre site in the city’s Beechwood neighborhood. The townhome-style units of Palo, the BTR community, will come in three-bedroom formats and will include private patios. Palo will also have its own pool. Ellianna’s rental apartments will feature one-, two- and three-bedroom floor plans, and residents will have access to a separate pool, a fitness center, clubhouse, outdoor kitchen and a dog park. Construction began in June, and the first units are expected to be complete in the third quarter of 2023.

July 26, 2022

Acquisitions Build-to-Rent Multifamily Single-Family Rental Texas

Partnership Buys Two Residential Properties Totaling 371 Units Near Corpus Christi

by Taylor Williams July 26, 2022

ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.

July 26, 2022

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

Klein Enterprises, Evolv to Develop 74-Unit Build-to-Rent Community in Waldorf, Maryland

by John Nelson July 25, 2022

WALDORF, MD. — Klein Enterprises and Evolv LLC, an affiliate of Fraser Forbes Real Estate Services, have acquired land in Waldorf to construct 74 build-to-rent (BTR) townhomes. The duo are acquiring lots in two phases via an assignment agreement with Dream Finder Homes, a homebuilder based in Jacksonville. Klein and Evolv plan to break ground in August on Phase I, with construction estimated to last 15 months and homes be delivered on a rolling monthly basis. The community will be situated in Waldorf’s Scotland Heights neighborhood, about 25 miles south of Washington, D.C.

July 25, 2022

Build-to-Rent Development Single-Family Rental Texas

Wan Bridge Underway on 192-Unit Build-to-Rent Community in Katy, Texas

by Taylor Williams July 25, 2022

KATY, TEXAS — Wan Bridge, a developer of build-to-rent residential communities, is underway on The Enclave at Mason Creek, a 192-unit project that will be located in the western Houston suburb of Katy. Construction began in early July, and the first residences are expected to be complete at the beginning of 2023. Homes will come in three- and four-bedroom formats and range in size from 1,430 to 1,750 square feet. Amenities will include parks, playgrounds and walking trails. BMO Harris Bank provided construction financing for the project.

July 25, 2022

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