HOUSTON – (Realty News Report) – A single-family rental community with 240 homes is being developed in Cypress in Northwest Houston by multi-family housing innovator Christopher Todd Communities and Taylor Morrison Home Corp.
The single-family, one-story homes are part of an emerging residential segment often called Build-To-Rent, which has been gaining favor with renters who seek the backyard and more abundant living space in suburban living.
Located off Grand Parkway and West Road, the new development, called Christopher Todd Communities At Cypress, will include 240 newly-designed single-story homes on 19 gated acres. The one, two and three-bedroom smart homes will range from 750-1,250-SF. The rental homes will private backyards, pet doors, smart home technology in a community with a pool, fitness center, event lawn and dog park. Leasing will start in 2023.
This project is the first Christopher Todd-Taylor Morrison jointly branded rental community in the Houston area. The partnership has other developments in underway in Dallas and Austin and other states. Additional land is being evaluated in Arizona, North Carolina, Florida and other markets.
Todd Wood, CEO of Christopher Todd Communities refers to the communities as Single-Story Rental Communities or “SRC.”
“We are creating a different type of product. It’s really a hybrid,” Wood said, that merges vertical apartments with the single-family home found in suburban communities. The product type currently accounts for 30 percent of multifamily starts in the Phoenix market where Christopher Todd and Taylor Morrison are both headquartered.
“You may have heard of it as horizontal apartments,” Wood said recently in a presentation at the prestigious National Association of Real Estate Editors (NAREE) Conference in Miami. “It is a one, two or three-bedroom single-story rental home, about 12 to the acre. It’s highly amenitized luxury living. It’s really a Class A lifestyle.”
The Houston land deal was brokered by John Santasiero, CEO of Riverway Properties of Houston.
Taylor Morrison is currently seeking additional Houston property for development.
“This move expands our Houston customer base to include those seeking the convenience of a rental without sacrificing the lifestyle of a single-family-home community,” said Taylor Morrison Build-to-Rent National President Darin Rowe. “Meeting this demand among millennials and baby boomers gives us the opportunity to be with customers in every move they make and if and when they are ready, we’re here to help them transition from renting to buying.”
The new single-story rental community in Cypress Is adjacent to Taylor Morrison’s planned 480-acre Avalon at Cypress community that will offer for-sale homes. Taylor Morrison is the nation’s fifth largest home builder.
Jan. 7, 2022 Realty News Report Copyright 2022
Image: Taylor Morrison, Christopher Todd Communities
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
File: Single Family Rental Community Started