NexMetro Communities has two North Austin build-to-rent developments in the works.
The Phoenix-based developer aims to construct two communities of luxury leased single-family homes— one in Georgetown and the other in Liberty Hill. Construction of the communities is expected to begin at the end of this year or early next year, NexMetro Austin Managing Director Jason Flory told the Austin Business Journal.
In the city of Austin, the median price of a home ballooned to another record of $640,000– pushing many young homebuyers out of the housing market as they look for affordable alternatives.
“We find that Austin is a great market for our particular single-family rental home concept,” says Flory.
The area has some of the highest concentrations of single family rentals in the nation. As of January, the metro had 1,390 built-to-rent properties, according to RentCafe. That ranked No. 13 among all markets in the survey. In Texas, only the Dallas and Houston metros placed higher, with 4,290 units and 3,600 units, respectively.
The site in Liberty Hill will be called Avilla Vista Ranch, and is located on 14 acres southeast of County Road 266 and State Highway 29, according to an announcement. It will have 150 homes.
The site in Georgetown will be called Avilla Berry Creek, and will provide 224 homes on 25 acres southwest of Berry Creek Highlands Way and east of State Highway 195.
Though Flory could not definitively say how much rent would be in these communities so far out from completion, he did say it would be market rate.
In January, Banyan Residential announced a 230-home build-to-rent community— the Los Angeles-based real estate investment firm’s third single-family rental community in Texas. Last year, Houston-based Wan Bridge Group and Walton Global Holdings of Scottsdale both set their sites on Austin for their build-to-rent projects with the latter planning to develop 2,500 single-family rental units across the country.
[ABJ] — Maddy Sperling