KYLE, Texas – (Realty News Report) – Beacon Real Estate Group has acquired Urbana at Plum Creek, a 144-unit single-family built-to-rent community in Kyle, Texas, just south of Austin.
Completed in 2021, Urbana at Plum Creek offers one-, two- and three-bedroom single-family rental homes ranging from 632 to 1,246 square feet. The property represents a modern, purpose-built rental community designed for long-term renters seeking the space and privacy of a detached home with community amenities typically found in multifamily developments.
Berkadia arranged financing for the acquisition on behalf of Beacon Real Estate Group, a commercial real estate acquisition and management firm headquartered in Coral Gables, Florida. CrossHarbor Capital Group originated a three-year loan with extension options to support the transaction.
“This was a compelling opportunity to acquire a single-family, build-to-rent property adjacent to the Plum Creek master-planned community,” said Scott Wadler of Berkadia’s Boca Raton office. “Build-to-rent is becoming a prominent sub-asset class, and product like this is extremely limited in the submarket.”
Each detached home at Urbana features smart home technology, including Spectrum TV and internet, a Ring doorbell and the SmartRent app. Interiors include stainless steel appliances, granite countertops, a kitchen island with an extended bar, and private backyards. Community amenities enhance the resident experience with a resort-style swimming pool, an outdoor lounge with a fire pit and grilling areas, and a fenced pet park with pet washing stations.
Other Build-to-Rent Transactions and Activity
ATLANTA – Los Angeles-based Haven Realty Capital has quickly leased 100 percent of four completed build-to-rent communities—304 homes in total—across the greater Atlanta region in under a year. Those communities are Bella View in Snellville, Trickum Hills in Lawrenceville, The Reserve in Dallas, and Moss Pointe in Canton. These four were part of a six-community, 537-home portfolio acquired in October 2020 from builder/developer ResiBuilt for $133.7 million in partnership with an affiliate of Walton Street Capital, L.L.C.
The remaining two subdivisions in that portfolio, Macland in Dallas and Magnolia Trace in Holly Springs, are in their final construction phases and are showing strong leasing velocity, according to Haven Realty Capital Managing Principal Sudha Reddy.
“Demand for single-family rentals, especially in dedicated rental communities, remains strong,” Reddy said. “We are leasing homes before they are delivered and expect to stabilize the final two Atlanta communities soon after receiving final certificates of occupancy. This leasing momentum is consistent across our build-to-rent portfolio.”
Nashville Market: Build-to-Rent Growth
NASHVILLE – Haven Realty Capital also closed the first phase of a $17.5 million acquisition of Dartford Townhomes, a 57-unit build-to-rent community in Spring Hill, a suburb of Nashville. Haven plans to acquire the remaining homes in phases over the next eight months.
The two-story townhomes each measure approximately 1,680 square feet and include three bedrooms, two-and-a-half bathrooms, a private rear yard and patio, and an enclosed one-car garage—design features that appeal to families and renters seeking single-family living without the responsibilities of homeownership.
Haven Realty Capital currently has roughly $850 million in build-to-rent projects across development, construction and stabilization phases. That pipeline encompasses 27 build-to-rent communities across eight states, totaling about 3,000 homes, reflecting continued investor and developer interest in purpose-built rental housing.
Dec. 28, 2021 Realty News Report Copyright 2021
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File: Build To Rent Boom
Photo: Atlanta BTR. Courtesy Haven Realty Capital of Los Angeles.
File: (2) Haven Realty Capital. Build To Rent Boom, Kyle, Texas. Berkadia. Sudha Reddy.