HOUSTON – (Realty News Report) – Houston developer Robert Clay, a major player in industrial real estate, is expanding into the single-family “build-to-rent” sector.
Newly formed Clay Residential, has several rental communities planned or under development with plans to expand to large 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 will be available for rent this spring.
Clay Residential will start construction in five communities in 2022 to include 1,000 single-family and duplex rental homes in 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 over 290 industrial and office buildings.
The first Clay Residential project is Willow at Sierra Vista, located in a Land Tejas Community in Iowa Colony in Brazoria County. Homes in Willow at Sierra Vista will range from 1,548 to 1,980 SF with three or four bedrooms, two baths and attached garages.
Clay’s other new communities include project in Cypress, Katy and San Marcos.
Willow at Sierra Vista is 23 miles south of the Houston’s downtown. The community is 20 minutes from the Texas Medical Center, 20 minutes from Hobby Airport and 30 minutes from 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,” says Robert Clay.
Anderson, brings to the position of president of Clay Residential, over 21 years of experience in developing multifamily and Class A duplex rentals. He was formerly head of investments for Value Builders, one of the largest builders of two-to-four unit rental properties in Texas.
Smidt, the chief investment officer of Clay Residential, was formerly a managing director of BlackRock, an investment manager of more than $9 trillion in assets.
“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,” says Smidt.
The build-to-rent sector has been expanding rapidly in the last two years as investors have been attracted to its promise of significant returns. The housing-type appeals to the maturing Millennial generation in the Covid era. Rental rates for apartments skyrocketed 16 percent in Houston last year, pressuring apartment dwellers to consider other options.
“Buying a home has become increasingly challenging for many families. With Texas’s steady population growth, the housing market has experienced double-digit home-price appreciation and bidding wars for many homes on the market. Single-family rentals offer an alternative with the benefits of a free-standing home, suburban amenities and nearby schools without the drawbacks of maintenance and down payments for ownership,” says Anderson of Clay Residential.
Jan. 31, 2022 Realty News Report Copyright 2022.
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