Single-Family Rental

Walker Dunlop Williams Small Multifamily

Small-Balance Multifamily: Sizable and Resilient

by Sarah Daniels September 30, 2021

While new-builds and top-of-the-line, large-scale developments typically attract the most buzz in the multifamily world, the vast majority of apartment properties in the United States have fewer than 100 units. These smaller properties play a vital role in delivering affordable and workforce rental housing inventory to the U.S. population. While the commercial real estate industry may refer to this sector of the multifamily market as “small,” make no mistake, “small” multifamily is not insignificant or inferior — it’s sizable and resilient. As other commercial real estate sectors paused during COVID-19, smaller multifamily properties and small-balance lending thrived. What does the future hold for this market? The Small Multifamily Market Defined The small multifamily market is highly fragmented with no clear definition of what constitutes “small” among capital sources. Generally, market statistics define the “small” multifamily sector by at least one of two measures: Unit count between five and 99 units; and/or Principal loan balance at origination between $1 million and $10 million[1] Strong Demand and Operating Fundamentals While the pandemic negatively impacted many areas of commercial real estate, with offices, retail shops and hotels largely shuttered across the U.S., the multifamily market remained resilient. Despite the past year’s challenges, multifamily …

September 30, 2021

Development Multifamily Single-Family Rental Texas

LYND, T.R. Inscore to Develop $35M Single-Family Rental Community in Waller, Texas

by Taylor Williams September 27, 2021

WALLER, TEXAS — San Antonio-based developer LYND and T.R. Inscore have formed a joint venture to develop single-family rental communities and will kick off the endeavor with a $35 million project in Waller, a northwestern suburb of Houston. The first phase of the development, which will be branded The Village at Waller, will consist of 118 units that will be constructed on a 14.7-acre site. The joint venture plans to potentially build as many as 700 homes on an additional 52 acres. Residences will feature two- and three-bedroom formats and range in size from 1,090 to 1,657 square feet. Communal amenities will include a pool, fitness center, dog park, playground and outdoor grilling areas. Rents will range from $1,600 to $2,250 per month.

September 27, 2021

Build-to-Rent Illinois Loans Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $30.4M Construction Loan for Build-for-Rent Community in Antioch, Illinois

by Kristin Harlow September 27, 2021

ANTIOCH, ILL. — Walker & Dunlop Inc. has arranged a $30.4 million loan for the construction of The Clublands of Antioch by Moda Homes, a 110-unit, single-family build-for-rent community in the northern Illinois town of Antioch. Moda Homes is the developer and Ryan Homes is the builder. The project will sit within The Clublands of Antioch, a 1,000-unit master-planned community with roughly 450 existing homes. The one- and two-story homes will average 1,719 square feet and will include two-car garages. Eric McGlynn of Walker & Dunlop arranged the floating-rate loan. CoreVest Finance, a division of Redwood Trust, provided the loan.

September 27, 2021

Affordable Housing Content Partner Features Lument Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

Manufactured Housing Communities Garner Investor Interest

by Sarah Daniels September 22, 2021

Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …

September 22, 2021

Development Multifamily Single-Family Rental Texas

Aspen Heights to Develop 219-Unit Single-Family Rental Community in Metro Austin

by Taylor Williams September 21, 2021

HUTTO, TEXAS — Locally based owner-operator Aspen Heights Partners has acquired 36 acres in the northern Austin suburb of Hutto for the development of Bell Yard, a 219-unit single-family rental (SFR) community. The property will offer two-, three-, and four-bedroom homes with attached garages, modern interiors and designer finishes, as well as an assortment of resort-style amenities. Construction is scheduled to begin in May of next year and to be complete in late 2023.

September 21, 2021

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Single-Family Rental

Resilience, Growth in Cedar Rapids is Unparalleled

by Kristin Harlow September 9, 2021

By Scott Olson, Skogman Commercial On Aug. 10, 2020, eastern Iowa was hit with a derecho. This is the Spanish word for a widespread, long-lived, straight-line windstorm that is associated with a fast-moving group of several thunderstorms. Winds in southwest Cedar Rapids were estimated to be 140 miles per hour with the entire city of 75 square miles sustaining major damage. The statistics are staggering: • Cedar Rapids lost 669,000 mature trees, about 70 percent of its urban canopy. The storm left at least 4.5 million cubic yards of debris. Stacked 35 feet tall and wide, it would extend a whopping 24 miles. • 6,000 homes and properties were damaged. As repairs and reconstruction got underway, the city issued 25,000 building permits in fiscal-year 2021, more than double the number in a typical year. • City government buildings suffered $20 million in damage, while the business community reported losses totaling $170 million. About $70 million of that was the result of derecho-related shutdowns or power outages. • The state cumulatively sustained $11.5 billion in damage, according to the National Oceanic and Atmospheric Administration, which calls the Aug. 10 derecho “the costliest thunderstorm in U.S. history.” However, as evidenced in the …

September 9, 2021

Build-to-Rent Loans Multifamily North Carolina Southeast

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

by Julia Sanders August 24, 2021

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

August 24, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Development Multifamily Single-Family Rental Texas

Avanta Residential Acquires Land in McKinney, Plans 276-Unit Single-Family Rental Community

by Taylor Williams August 20, 2021

MCKINNEY, TEXAS — Denver-based Avanta Residential, a division of Hunt Cos., has acquired 27 acres in the northern Dallas suburb of McKinney for the development of a 276-unit single-family rental community. The new residential complex will be located within the Painted Tree master-planned development. Communal amenities will include a pool, clubroom, leasing office and a fitness center. Residents will also have access to green space, pocket parks and electric car charging stations. Walker & Dunlop arranged the equity financing for the project. Construction is slated to begin in November and to be complete in mid-2023.

August 20, 2021

Build-to-Rent Features Multifamily Single-Family Rental Southeast Feature Archive

No Place Like Home: SFR Market Grows in Southeast as In-Migration Soars

by Kristin Harlow August 17, 2021

By Sudha Reddy, Haven Realty Capital Single-family rentals have taken off in various areas across the country. But they’re boiling in the Southeast. The strength in the Southeast shouldn’t be a surprise as the region has enjoyed substantial employment and population growth over the past decade — well before COVID-19 hit last year. In 2018, the Southeast led other regions in net inflow, gaining around 959,000 new residents from different areas of the United States and around the globe, according to the U.S. Census Bureau. This strong growth showed up in cities and states throughout the region. Among states, Florida led the way, with 566,476 people moving from another state. Of the cities with a population of 50,000 or more, the Southeast had 10 of the top 15 fastest-growing large U.S. cities between 2010 and 2020, according to the U.S. Census Bureau. While the region was flourishing before COVID-19, the pandemic accelerated its population gains and spotlighted them. This migration has created a fertile climate for single-family rental builders and investors. Despite the intense interest, investors have been able to find many great opportunities in the region over the past year with even more properties coming in the pipeline. Moving …

August 17, 2021

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