KYLE, Texas – (Realty News Report) – Beacon Real Estate Group has acquired the Urbana at Plum Creek, a 144-unit single family, built-to-rent community in Kyle, Texas, south of Austin.
Built in 2021, Urbana at Plum Creek offers single family one-, two- and three-bedroom home rentals ranging from 632 SF to 1,246 SF.
Berkadia secured financing for the acquisition on behalf of Beacon Real Estate Group, a commercial real estate acquisition and management firm based in Coral Gables, Fla.
CrossHarbor Capital Group originated the three-year loan with extension options.
“This was a great opportunity to acquire a single-family, build-to-rent property located next to the Plum Creek master planned community. This is becoming a prominent sub-asset class and there is extremely limited product available like this in the submarket,” said Berkadia’s Scott Wadler of Berkadia’s Boca Raton office.
The individual detached apartments feature smart housing technology that includes Spectrum TV, internet, a Ring doorbell and the SmartRent App, stainless steel appliances, granite countertops, a kitchen island with an extended bar and a private backyard. Community amenities include a resort-style swimming pool, an outdoor lounge with a fire pit and grilling spaces, a fenced pet park with pet washing stations.
Other Build-to-Rent Deals
ATLANTA – In less than 12 months, Los Angeles-based Haven Realty Capital has leased 100 percent of their first four fully completed build-to-rent housing communities representing 304 homes in the greater Atlanta area.
The four communities that were under construction at the time — Bella View in Snellville, Trickum Hills in Lawrenceville, The Reserve in Dallas, and Moss Pointe in Canton — were part of a six-community 537-home BTR portfolio acquired by Haven Realty Capital in partnership with an affiliate of Walton Street Capital, L.L.C from builder/developer ResiBuilt in October 2020 for $133.7 million. The remaining two subdivisions, Macland in Dallas and Magnolia Trace in Holly Springs are in the final phases of construction, with both projects exhibiting strong leasing, according to Haven Realty Capital Managing Principal Sudha Reddy.
“The demand for single family rentals, particularly those in dedicated rental communities remains strong, allowing us to lease homes before they are delivered,” said Reddy. “We anticipate stabilizing the final two Atlanta communities soon after receiving final certificate of occupancy. We are seeing this leasing velocity throughout our portfolio of BTR communities.”
NASHVILLE BTR
NASHVILLE – Real estate investment management firm Haven Realty Capital has closed on the first phase of a $17.5 million acquisition of Dartford Townhomes, a 57-unit build-to-rent community located in the Nashville suburb, Spring Hill. Haven expects to acquire the remaining homes in phases over the next eight months.
Each of the 1,680-square-foot two-story townhomes will include three bedrooms, two-and-a-half baths, private rear-yard and patio, and an enclosed one-car garage.
Haven has approximately $850 million of BTR projects in various stages of development, construction and stabilization. This represents 27 BTR communities in eight states representing 3,000 homes.
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.