DALLAS AND AUSTIN, TEXAS — Good + West has partnered with a Dallas-based private equity fund for the development of four build-for-rent (BFR) projects in the state of Texas. Development costs are set to total $400 million.
The communities will be built under the Austin, Texas-based development firm’s Perch banner over the course of the next four years. Heather McClure of Walker & Dunlop advised Good + West in identifying its joint venture partner for the projects.
Perch communities offer a seres of single-family buildings with fenced-in yards and patios, alongside shared amenities including resort-style swimming pools, outdoor kitchens with gas grills, fire pits, game lawns, pet parks, fitness centers and landscaped courtyards.
The company currently has $150 million worth of BFR development underway in the state of Texas, including the joint venture’s first project, Perch Denton. Located in the Dallas-Fort Worth suburb of Denton, the community is scheduled for delivery in 2023 and will offer 195 units.
Additional Good + West BFR projects currently underway include Perch Chisolm Trail in Fort Worth and Perch Manor Downs, located outside Austin in Manor. Phase I of both projects are set for delivery in 2023 and 2024, respectively.
The pace of development has been ramping up for single-family, build-for-rent projects over the past year, with NorthMarq forecasting that 60,000 new units will be completed in 2022 — an increase over 53,000 units completed in 2021 and 49,000 in 2020, according to its Single-Family Build-to-Rent Properties Special Report.
A number of new BFR projects have made headlines during the month of July alone, including a 209-unit development in Maricopa, Ariz.; a 157-unit project located in the Dallas suburb of McKinney, Texas; and a 276-unit development in Fort Worth, Texas.
Good + West focuses on the development of multifamily and build-for-rent projects across the state of Texas. The company has completed the development of 937 multifamily units in Dallas and Austin, with more than 1,100 additional units currently in its pipeline.
—Katie Sloan