Arizona-based Empire Group of Companies has serious plans for build-for-rent communities in the Sun Belt.
After dropping $14.37 million on 40 acres in the Phoenix Valley, the Arizona-based developer closed on another 48 acres in Fort Worth for $16 million. The firm is planning single-family build-for-rent communities, plus commercial space for both tracts. The latest acquisition, a property located off North Riverside Drive and Golden Triangle Boulevard, will total 323 homes on build-out.
Approximately, 30 acres of the property will be used for the Village at Golden Triangle, according to the Dallas Business Journal. The firm plans to sell the remaining 18 acres for commercial office and retail use.
Empire Group has already completed two build-for-rent projects in Phoenix, totaling 400 single-family homes. It currently has six ongoing Sun Belt projects amounting to 1,400 homes upon completion, with a total value of about $600 million. By the end of 2022, Empire Group aims to break ground on another 597 homes with an additional estimated value of $250 million.
With so many first-time homebuyers getting priced out of North Texas, build-for-rent developments have sprouted up across the region. In fact, 10 percent of all single-family starts have gone to the asset class. Dallas-Fort Worth ranks third nationally by the number of single-family rentals, with 4,290 houses in build-to-rent communities.
Texas home builder HistoryMaker has bought up more than 6,000 lots around Houston and Dallas-Fort Worth with an eye toward rolling out thousands of build-for-rent homes.
A joint venture between Austin-based development firm Good + West is constructing $400,000,000 worth of build-for-rent homes over the next four years in the Dallas-Fort Worth and Austin metro areas.
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Residential
Dallas
Good + West forms joint venture with Dallas-based private equity fund to develop BFR throughout Texas
Development
Houston
HistoryMaker plans thousands of built-to-rent cottages in Houston and DFW
— Maddy Sperling