HOUSTON – (Realty News Report) – Luton Underwood Development Partners is building a single-family rental community in the Greenspoint submarket in north Houston.
The community will be built on 10.6 acres of land located at 11514 Trickey Road in Houston, near Gears Road. The 44-home single-family for-rent community is expected to be completed in the fourth quarter of 2021, according to Avison Young.
The single-family homes built-for-rent market expanded rapidly in 2020 as consumers sought alternatives to multifamily housing during the coronavirus pandemic.
The National Association of Home Builders reported the nation had 14,000 single-family built-for-rent starts during the third quarter of 2020, up 27 percent compared to the third quarter 2019.
“The single-family homes built-for-rent market is a way to add single-family inventory amid concerns over housing affordability and down payment requirements in the for-sale market, particularly during a period of when people want more space and single-family structures,” commented NAHB Chief Economist Rob Dietz in recent column.
Dietz says the single-family rental homes are typically smaller, with fewer bedrooms and bathrooms and smaller lots than houses built for sale.
The Luton Underwood will be constructed on a site purchased from Alpha Neutronics, which was represented in the sale by Avison Young’s Tommy LeBlanc and John-Michael Kamel.
“As the Houston market continues to experience population growth, Luton Underwood has recognized the demand for single-family for-rent communities,” said LeBlanc. “We anticipate that over the next few years, developers will be seeking well-located development sites for this product sector.”
This project marks Luton Underwood’s first development project since it was formed in 2020 by experienced real estate developers, Nick Luton and Carson Underwood. The full-service real estate land acquisition and development firm specializes in suburban, urban and Municipal Utility District maximization.
The site is within north Houston’s Greenspoint submarket. Greenspoint centers around the intersection of Interstate 45 North and North Sam Houston Parkway. It is 15 miles north of downtown Houston, near Bush Intercontinental Airport. Formerly named the Greenspoint District, the North Houston District is a management group that works with The Greater Greenspoint Tax Increment Reinvestment Zone (TIRZ) to improve the area’s 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.