An Austin-based development firm has plans for about $400 million in rental-home projects over the next four years, including communities in Dallas-Fort Worth...
“We felt that build-to-rent was a segment of the market that was underserved in Texas,” Good said. “We think it’s just in its infancy in the Texas markets and decided that with the capital behind it, it would be a good focus for us.”
Good and West have a current construction pipeline of more than $150 million in partnership with a family office in Dallas that they declined to name. They raised enough cash to work on three to five projects per year over the next few years. The company will kick off construction in the spring on the 319-unit project in south Fort Worth, Perch Chisholm Trail, a collection of garden-style apartments, cottages and townhomes at the intersection of McPherson and Brewer Boulevard. Good said she expects the first units to be ready for residents by around the summer of 2024.
“We see a lot of room to run for this product type. The fact that interest rates have gone up only makes it a lot harder for people to buy homes,” West said. “There’s also a mentality shift away from homeownership with younger people, who are maybe wanting more flexibility.”Good said the firm’s strategy within D-FW and Austin has been to follow the path of growth and find sites close to jobs, retail, good schools and new subdivisions.
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