HOUSTON – (Realty News Report) – Houston developer Robert Clay, a prominent figure in industrial real estate, is expanding into the single-family build-to-rent sector.
Clay Residential, a new company, has multiple rental communities planned or under development and intends to expand into major Texas markets.
Clay Residential has begun construction on Willow at Sierra Vista, a community of 97 single-family rental homes near Highway 288 south of Houston in Iowa Colony. The first homes are scheduled to be available for rent this spring.
In 2022, Clay Residential plans to start construction on five communities that will include about 1,000 single-family and duplex rental homes across Houston, Austin, San Antonio and Dallas.
Co-founders of Clay Residential are Josh Anderson, president, and Ryan Smidt, chief investment officer. Clay Residential is affiliated with Houston-based Clay Development & Construction, which has developed 23 business parks and more than 290 industrial and office buildings.
The inaugural Clay Residential development, Willow at Sierra Vista, is located in a Land Tejas community in Iowa Colony in Brazoria County. Homes there will range from approximately 1,548 to 1,980 square feet, featuring three or four bedrooms, two bathrooms and attached garages.
Clay Residential is also developing communities in Cypress, Katy and San Marcos.
Willow at Sierra Vista sits about 23 miles south of downtown Houston and offers convenient access: roughly 20 minutes to the Texas Medical Center, 20 minutes to Hobby Airport and about 30 minutes to NASA.
“Clay Residential’s single-family rental homes are quality-crafted and well-maintained. The accessible location and the comprehensive amenities of Willow at Sierra Vista deliver convenience, privacy and mobility for the families who live there,” said Robert Clay.
Josh Anderson brings more than 21 years of experience developing multifamily and Class A duplex rental properties to his role as president of Clay Residential. He previously led investments for Value Builders, one of the largest builders of two-to-four unit rental properties in Texas.
Ryan Smidt, chief investment officer, previously served as a managing director at BlackRock.
“We build for the long term. Clay Residential’s single-family rentals offer a noticeable upgrade from most starter homes on the market. We are setting the standard in Texas for the fastest-growing sector in residential real estate,” said Smidt.
The build-to-rent segment has expanded rapidly over the past two years as investors pursue its potential for strong returns. This housing type appeals to maturing Millennials, especially in the COVID era. Rental rates for apartments jumped sharply in many markets last year, prompting some renters to seek other options.
“Buying a home has become increasingly challenging for many families. With Texas’s steady population growth, the housing market has seen double-digit price appreciation and frequent bidding wars on many listings. Single-family rentals provide an alternative that combines the benefits of a detached home, suburban amenities and nearby schools without the maintenance responsibilities and down payment required for ownership,” said Anderson.
Jan. 31, 2022 Realty News Report Copyright 2022.
Image: Clay Residential
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