TEXAS CITY, TEXAS — Wan Bridge, a Texas-based developer of build-to-rent residential communities, has completed a 76-unit project in Texas City, located southeast of Houston. The project represents Phase I of Crystal View at Lago Mar and features two-story, duplex and triplex homes that range in size from 1,429 to 1,883 square feet. Phase II will consist of 75 units that are expected to be delivered by the end of the year. Residents have access to a beach club and the 12-acre Lago Mar crystal lagoon, as well as kayaking and sailboarding rental services. Information on starting rents was not disclosed.
SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan to a joint venture between Greystar Real Estate Partners and The Resmark Cos. The funds will be used for the development of a multifamily and build-to-rent project in Santa Clarita, approximately 33 miles northwest of downtown Los Angeles. Situated within Sand Canyon Plaza, the community will feature 259 rentable multifamily units and 64 build-to-rent townhomes. The multifamily residents will have access to a fitness center, club room, courtyard, game lounge, coworking space and a fourth-floor sky deck with unobstructed mountain views. The build-to-rent townhomes will offer expansive green space areas, multiple open turf play areas and a tot lot that will cater to young families renting in the community. The project will also feature a resort-style pool and spa that will be shared by both multifamily and build-to-rent townhome residents. Upon completion, the 87-acre Sand Canyon Plaza will feature parks, open spaces, a walking trail system and a 45,000-square-foot retail center anchored by Sprouts Farmers Market, which is slated to break ground this year.
WALNUT, CALIF. — Sunjoint Development has started construction of Terraces at Walnut, a 49-acre mixed-use development located on Valley Boulevard in Walnut, approximately 25 miles east of downtown Los Angeles. Construction of the first product type, single-family homes, began in November 2023 and the first five phases are currently being made available for sale. The remaining homes will be built in phases — townhomes, three-story homes and estate lots. Full buildout is slated for year-end 2025. KTGY designed the project, which CBC Home is building. Terraces at Walnut will feature 79 townhomes, 211 detached single-family homes and 17,052 square feet of retail space. The three- and four-bedroom townhomes will range from 1,548 square feet to 1,914 square feet, while the single-family homes will offer three- or four-bedroom layouts ranging from 2,198 square feet to 3,561 square feet. The retail space will include a variety of food users, including dine-in restaurants, specialty retailers and beverage users. Terraces at Walnut will also feature 11 pocket parks and an internal trail system. Blake Kaplan, Erik Westedt and Drew Olson of JLL are overseeing leasing of the retail space.
POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent residential community underway in suburban Orlando. An unnamed state pension fund purchased the property via a separate account managed by Heitman. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the transaction. The sales price was not disclosed. JNS Homes is building the single-family community and expects to complete the development in the third quarter. Situated on 27 acres, The Preserve at Poinciana will feature three- and four-bedroom homes spanning 2,000 to 2,300 square feet. Amenities will include attached garages, a resort-style pool, green space, children’s playground, dog run and walking trails.
OSWEGO, ILL. — Lynd, a real estate development and property management firm, is nearing completion of Home at Ashcroft, a 178-unit build-to-rent community in the Chicago suburb of Oswego. The developer has opened decorated models at the property, which is located at 137 Dorset Ave. Home at Ashcroft offers three-bedroom, attached single-family homes starting at $2,591 per month. Originally designed as for-sale single-family homes, the property features wider layouts than most townhomes and offers features typically found in detached single-family homes such as open layouts, two-car garages with extended driveways, basements, fenced-in yards and back porches. Ranch and two-story floor plans range from 1,559 to 1,747 square feet. Groups of six homes share a cul-de-sac. An onsite management team provides services such as plant watering, yard care, snow removal, package receiving and dog walking. Work is underway on a $2 million community clubhouse with a fitness and wellness center, outdoor pool, covered pavilion, fountain, firepit and grills. Slated to open later this year, the 5,500-square-foot space includes a lounge that opens to a warming kitchen and coffee bar, private library, events room, coworking stations, conference rooms, game area and package delivery room.
LAVON, TEXAS — ONM Living will develop The Cottages at Lavon Lake, a 268-unit build-to-rent residential project in Lavon, located northeast of Dallas in Collin County. The development will feature cottage-style homes in one-, two- and three-bedroom formats that will range in size from 340 to 1,230 square feet. Residents will have fenced backyards, detached garages and open surface spaces. Communal amenities will include a pool, fitness center, dog park and pickleball courts. Vertical construction is scheduled to begin in May 2025, and full completion is slated for early 2027.
GLENDALE, ARIZ. — Inland Real Estate Acquisitions, on behalf of an Inland affiliate, has negotiated the purchase of a 190-unit build-to-rent community in Glendale. Mark Cosenza of Inland Real Estate Acquisition, with assistance from David Neboyskey of The Inland Real Estate Group law department, completed the transaction. Renamed Onyx at Westgate, the property features 58 one-bedroom, 85 two-bedroom and 47 three-bedroom bungalows, all rising one story. Each unit offers upscale amenities, including gourmet kitchens, oversized windows, 10-foot ceilings, wood plank LVT flooring, high-end finishes and a smart-home technology package. The community features a resort-style pool and spa, outdoor firepits, a community lawn area, fitness center, dog park, clubhouse, covered parking and optional garages for residents. Developed in 2022, Onyx at Westgate was 92 percent occupied at the time of closing.
PRINCETON, TEXAS — Core Spaces, a student housing and residential developer with offices in Chicago and Austin, is nearing completion 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. Construction began last spring. Leasing will begin in March.
STEPHENS CITY, VA. — Northmarq has brokered the sale of West Wind, a 95-unit build-to-rent (BTR) residential community located at 113 Holt Court in Stephens City, about 14 miles south of Winchester, Va. Ari Azarbarzin and Gabe Tovar led the Northmarq BTR team that also included Chris Doerr, Will Harvey, Shack Stanwick, Matt Straughan, Wink Ewing and Anthony Pino in representing the undisclosed seller. The sales price was also not disclosed. Tom Peloquin, Cabell Thomas and Rich Choisser of Northmarq’s debt and equity team secured acquisition financing on behalf of the buyer, a joint venture between RockBridge Investment Group and DSP Real Estate Capital. Situated near I-81, West Wind was built in 2023 and features two-story, three-bedroom townhomes with smart-home technology, stainless steel appliances, granite countertops and hard-surface flooring.
ARDEN AND ASHEVILLE, N.C. — Trilogy Investment Co. will develop three rental townhome communities in metro Asheville. Located in the city of Asheville and the unincorporated community of Arden, the Rêve Communities-branded properties will total 267 units across 35 acres. Amenities at each community will include 24-hour maintenance, valet trash, a clubhouse, pool, playground and a dog park. Construction is scheduled to begin in the third quarter of this year, with preleasing expected to begin in mid-2025.