A San Antonio developer has big plans for built-to-rent in North Fort Worth.
Embrey Partners plans to build 116 duplexes in the Hunters Crossroads development, west of Haslet, near U.S. Highway 287, the Dallas Morning News reported.
The project, Hunters Crossroads Avondale, is estimated to cost $42 million, according to a filing with the state of Texas. That works out to more than $362,000 per unit.
Construction could start in January and take about two years. Houston-based W Partnership is the architect.
Also in North Fort Worth, Embrey is planning to build 276 duplexes on 23 acres off of State Highway 114, near the Texas Motor Speedway, the outlet said. The cost wasn’t reported.
That development, called Collections Champion Circle, will have one-, two- and three-bedroom units starting at $1,800 a month. It will also have a clubhouse and a pool.
Multiple built-to-rent communities are in the pipeline in Dallas-Fort Worth.
Good + West Residential has plans to invest $400 million building four built-to-rent communities in DFW under its Perch brand, including the 319-unit Perch Chisholm Trail in Fort Worth, according to the firm’s website.
Grapevine-based HistoryMaker Homes and Arizona-based Empire Group of Companies also are planning built-to-rent developments in Fort Worth.
Like many built-to-rent developers, Embrey started as an apartment developer, and it dove into built-to-rent in 2021. Embrey completed a $160 million discretionary equity fund last year to support development of a built-to-rent portfolio.
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It has developed more than 43,000 apartments since it was founded in 1974, including communities in Frisco, North Dallas and Richardson, the outlet said. The firm has several thousand rental units planned in Texas, Arizona, Colorado, Florida and North Carolina. It is also developing a built-to-rent community in Gruene, near San Antonio.
Developers built 2,773 built-to-rent units in DFW last year, according to Yardi Matrix, more than anywhere else in the country.