A few years into the built-to-rent boom, communities are being traded as investment properties.
Cottages at Bell Station, a built-to-rent development in the Fort Worth suburb of Hurst, has hit the market, according to a news release. The seller is Dallas-based syndicator MBP Capital. Northmarq’s Taylor Snoddy, Eric Stockley, Charles Hubbard and Campbell Brooks have the listing.
The 140-unit community, at 10150 East Hurst Boulevard, was built in 2021 by Grapevine-based built-to-rent developer ONM Living, which sold the property to MBP Capital in 2022. Units average 772 square feet, and the property includes a pool, fitness center, clubhouse and pet park.
The location offers easy access to Dallas-Fort Worth International Airport and the headquarters for Bell Helicopter, a major local employer. It’s about 25 miles west of Dallas.
Built-to-rent communities soared in popularity during the pandemic, when working from home sent renters searching for bigger units with more outdoor space. The product also provided a housing option for would-be first-time homebuyers who were stymied by high prices and then rising interest rates.
Dallas-Fort Worth ranks second in the country for single-family rental development, according to Point2Homes. DFW has 8,500 units in the pipeline, second only to Phoenix, which has 13,000 upcoming units.
Within North Texas, built-to-rent communities are especially popular in Fort Worth; more than 20 percent of the units under construction in DFW will be located in Cowtown. McKinney ranks second, with 1,300 units on the way.
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