Austin-based commercial real estate agency HPI Real Estate Services & Investments has purchased 55 acres of land to build more than 800 apartments and single-family rental homes on one property in North Fort Worth.
HPI plans to build about 636 apartments and 193 single-family rentals, according to the Dallas Morning News. The property is on the southeast corner of Bonds Ranch Road and Blue Mound Road. On Wednesday, real estate brokerage firm Davidson Bogel Real Estate negotiated the sale of the land off Highway 287.
“We are focused on growing our portfolio in North Texas because it is one of the strongest real estate markets in the country,” HPI Multifamily president Tim Shaughnessy said in a statement. “Strong employment and population growth in the Alliance Corridor has created a demand for high-quality rental housing.”
Single-family rentals will have attached garages and yards, according to Davidson Bogel, and the development will include clubhouses, swimming pools, pickleball courts and walking paths.
HPI plans to launch the project in early 2023 and open to its first residents in 2024.
Developers in the D-FW area quickly built several single-family rental communities, citing tenant demand for the lifestyle of traditional homes without the commitment and upfront costs, according to the DMN. The Dallas-Fort Worth area is currently one of the top US markets for this trend.
“Demand for rental products continues to accelerate as the number of tenants of choice grows and as homebuyers battle rising interest rates associated with historically high house prices,” Davidson Bogel said in a statement.
Just last week, Linesight Development LLC and SVN | SFR Capital Management of New York announced a joint venture to develop and manage a national portfolio of single-family rental communities, including one in Dallas, and another company, Provident Realty Advisors, is currently developing a similar 242-home project in Garland.
[Dallas Morning News] — Jacques Bell