HOUSTON – (Realty News Report) – Wan Bridge, a Texas-based developer specializing in build-to-rent communities, is developing Lakeside Conroe along the shores of Lake Conroe, north of Houston in Montgomery County.
The community will feature 169 single-family detached homes and 140 duplex units, with homes ranging from approximately 1,979 to 2,426 square feet.
Several residences will offer waterfront locations and attractive views of Lake Conroe. Located just north of Highway 105, Lakeside Conroe is one of several build-to-rent projects Wan Bridge is pursuing across Texas.
“When evaluating the Lake Conroe area, we identified a strong demand for a neighborhood offering high-quality, long-term, single-family rental housing,” said Ting Qiao, CEO of Wan Bridge. “Our rapidly expanding, consumer-focused build-to-rent model fills a key niche for households who prefer renting but want the space, yard and lifestyle of a single-family home without the responsibilities of maintenance. We believe you do not have to own a home to truly call it home, and we look forward to providing Conroe residents with a new housing option.”
Wan Bridge’s in-house property management division, TBD Management, provides a range of resident services including front- and back-yard landscaping, quarterly air filter replacement, 24/7 on-call maintenance, and small in-home tasks such as changing light bulbs.
A National Trend – Build-to-Rent Single-Family
The build-to-rent (BTR) segment has expanded notably in recent years. According to real estate advisory firm RCLCO, roughly 6 percent of new single-family homes in the United States are now purpose-built for rent, a product that has found particular appeal among Millennial-led families.
Homebuilders such as Camillo Properties in Houston and Christopher Todd Communities in Arizona have actively pursued the growing BTR market.
Todd Wood, founder of Christopher Todd Communities in the Phoenix area, observes that while homeownership remains an enduring aspiration for many Americans, renting is a more affordable option for younger people. The U.S. Census indicates a significant share of renters are under age 35. Christopher Todd Communities has expanded nationwide through partnerships with large public builders such as Taylor Morrison Home Corporation.
Northwest of Houston, in Waller, a new single-family rental community called Village of Waller was recently announced through a partnership between San Antonio-based Lynd Living and Chappell Hill-based T.R. Inscore. That community is expected to include roughly 700 homes at full build-out.
The Conroe Grand Slam by D.R. Horton
In April, the Wall Street Journal highlighted a notable example in Conroe: D.R. Horton’s Amber Pines at Fosters Ridge subdivision. The builder developed 124 homes, rented them out, then marketed the entire block for sale. Institutional investors responded aggressively, and Fundrise LLC acquired the community for about $32 million. According to the Journal, that sale generated roughly twice what D.R. Horton might have realized through traditional one-by-one retail home sales.
Industry observers and recent housing indexes have pointed to substantial investor interest in the BTR sector, with forecasts of tens of billions of dollars flowing into build-to-rent over the near term.
Sept. 25, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available in ebook and paperback editions.
Image courtesy Wan Bridge
File: Wan Bridge Starts Community – Build-To-Rent on Lake Conroe
File: (2) BTR. Wan Bridge Starts Community on Lake Conroe. Build-to-Rent. Christopher Todd Communities. D.R. Horton.