Florida’s DLP Capital aims to build more than 1,200 rental homes in Texas.
DLP bought two tracts of land in the Fort Worth area, according to the Dallas Morning News. The first, at Shelby Road and Rendon road in south Fort Worth and will be a 643-unit single family community called Orchard Farms. The second is an apartment building site at 5201 Shadydell Drive in north Fort Worth, a 638-unit project dubbed The Mansion at Marine Creek.
DLP, based in St. Augustine, plans to build them in three phases over the next two to three years.
“We’re pleased to provide single family and multifamily rental home communities in Fort Worth,” DLP Capital founder and CEO Don Wenner said in a statement. “There is a growing demand for affordable workforce housing to rent across the country.”
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Single-family rental homes have been among the fastest-growing segments of the north Texas housing market. In 2021, construction began on 3,885 rental houses in Dallas-Fort Worth, about 7 percent of total single-family home building, according to Residential Strategies.
The two Fort Worth developments aren’t DLP’s first in Texas. In September, DLP invested $34 million in two Houston apartment communities as a part of a revitalization project. The firm has a number of companies, including DLP Capital Partners, DLP Lending, DLP Real Estate Management, DLP Realty, Alliance Servicing, and Alliance Property Transfer.
[Dallas Morning News] – Maddy Sperling