GRUENE, Texas – (Realty News Report) – Gruene Hall, known as the oldest Dance Hall in the Lone Star State, is getting a trendy new neighbor.
Embrey Partners, a San Antonio-based multifamily developer, is entering the red hot single-family for-rent sector with a project in the historic Gruene community, near New Braunfels.
Within Spittin’ Distance of Texas’ Oldest Dance Hall
The Embrey project will be within spittin’ distance of Gruene Hall, founded in 1878, which bills itself as “Texas’ Oldest Dance Hall.” Over the years, Gruene Hall has hosted Willie Nelson, the late Jerry Jeff Walker, George Strait, Merle Haggard and Gregg Allman of the Allman Brothers.
The 6,000-SF dance hall has a high-pitched tin roof, “side flaps” that are raised for open-air dancing and a outdoor beer garden.
Located in the between San Antonio and Austin west of Interstate 35, the Gruene community lies on the outskirts of New Braunfels, a city that maintains pride in its German settler heritage.
Named the Collection at Gruene, it is the first project for the company’s newly launched single-family rental platform.
Embrey’s single-family rental program will consist of one- and two-story homes within a rental community that will include 126 duplex-style homes, with 252 units.
The Build-To-Rent Boom
The Build-To-Rent sector has emerged in popularity because it offers backyards and amenities that are similar to a single-family neighborhood in the suburbs. The popularity grew during the pandemic when open space and multifamily’s crowded corridors and elevators seemed unsafe to many. With home affordability in decline, rental homes became an attractive option across the nation – and they offered more space.
A lot of the momentum for the Build-To-Rent product comes from single-family home builders that venture into rental homes. But there are exceptions: Clay Development of Houston, for example, was primarily known as an industrial real estate firm before recently launching a Build-to-Rent company.
“This is an exciting offering for Embrey that expands our current portfolio of luxury living experiences beyond traditional multifamily residences,” said John Kirk, Managing Director and Executive Vice President of Development for Embrey.
Gruene, a historic area of New Braunfels, sits just off the I-35 corridor between Austin and San Antonio, in the second-fastest growing market in the U.S. according to the U.S. Census Bureau.
“The single-family rental living experience is highly desired by today’s discretionary renter,” said Jeremy Williams, Senior Vice President of Development for Embrey. “We have a premier location where residents can walk to historic downtown Gruene. The community is easily accessible to both Austin and San Antonio and close to local attractions like the Schlitterbahn Waterpark & Resort and the Guadalupe and Comal Rivers.”
The unique community will feature granite countertops; stainless steel kitchen appliances; washers and dryers; private driveways; fenced yards and attached garages with EV car charging outlets. Built-in desks and walk-in showers are available in select units.
Resident-accessible amenities include a private community clubhouse with a media room; a fitness center connected to an outdoor exercise and yoga lawn; a resort-style pool with sun decks, cabanas, and shade trellis lounge areas; outdoor grilling, fireplace and dining areas; and a large, fenced dog park.
Club and first-units are expected to be available first quarter of 2023. Construction of all units is expected to be completed by early 2024.
Since 1974, Embrey has developed nearly 43,000 apartments and more than 6 million SF of commercial property. Currently, Embrey has more than 4,000 apartment units under construction.
March 1, 2022 Realty News Report Copyright 2022
File: Texas’ Oldest Dance Hall Gets Build-To-Rent Neighbor
Image: Rendering courtesy Embrey