HOUSTON – (Realty News Report) – Luton Underwood Development Partners is developing a single-family rental community in the Greenspoint submarket of north Houston.
The project will occupy 10.6 acres at 11514 Trickey Road, near Gears Road. The community will include 44 single-family rental homes and is expected to be completed in the fourth quarter of 2021, according to Avison Young.
The single-family built-for-rent sector grew rapidly in 2020 as many households sought alternatives to multifamily living during the coronavirus pandemic.
The National Association of Home Builders reported 14,000 single-family built-for-rent starts in the third quarter of 2020, a 27 percent increase from the same quarter in 2019.
“The single-family homes built-for-rent market offers a way to increase single-family inventory amid concerns about housing affordability and down payment barriers in the for-sale market, especially as people seek more space and detached homes,” said NAHB Chief Economist Rob Dietz.
Dietz noted that single-family rental homes are often smaller than houses built for sale, with fewer bedrooms and bathrooms and smaller lots.
Luton Underwood acquired the site from Alpha Neutronics. Avison Young’s Tommy LeBlanc and John-Michael Kamel represented Alpha Neutronics in the sale.
“With Houston’s ongoing population growth, Luton Underwood has identified strong demand for single-family rental communities,” LeBlanc said. “We expect developers will continue to pursue well-located development sites for this product type in the coming years.”
This is Luton Underwood’s first development project since the company was formed in 2020 by real estate developers Nick Luton and Carson Underwood. The full-service firm focuses on land acquisition and development, specializing in suburban, urban and Municipal Utility District optimization.
The site is located in the Greenspoint submarket of north Houston, which centers around Interstate 45 North and North Sam Houston Parkway. Greenspoint lies about 15 miles north of downtown Houston and is near George Bush Intercontinental Airport. Previously known as the Greenspoint District, the North Houston District is an organization that collaborates with the Greater Greenspoint Tax Increment Reinvestment Zone (TIRZ) to improve local infrastructure and mobility.
March 12, 2021 Realty News Report Copyright 2021
File: Single-Family Rental Project Underway in North Houston
Photo: Courtesy Avison Young
File: (2) Greater Greenspoint Tax Increment Reinvestment Zone (TIRZ). Nick Luton. Carson Underwood, single-family homes built-for-rent. Single-Family Rental Project Underway in North Houston. Luton Underwood Development Partners.