As the Greater Houston area continues its residential real estate boom, one trend has emerged that shows no sign of slowing: build-to-rent homes. Recently, Houston ranked second in the U.S. for the number of built-to-rent homes (1,620), according to a report by RentCafe.
Capitalizing on that trend is Wan Bridge, a Texas-based builder and operator of up-market build-to-rent (BTR) communities, which has announced a pipeline of more than 1,000 BTR units across Texas, starting with the North Houston community Balmoral.
Wan Bridge’s 94-townhome lagoon community known as Clearwater at Balmoral will be the site of the expansion, under a partnership with developer Land Tejas. Some 200 additional lots will be added to the existing area.
These new three- and four-bedroom townhomes will range from 1,400 to 1,800 square feet, with some units boasting a view of the picturesque lagoon, per a press release. The units will feature 10-foot ceilings, open floor plans, oversized countertops, walk-in pantries and closets, and more.
This news comes after Wan Bridge team announced a multi-billion-dollar equity commitment late last year. Plans call for the initial 200 units at Balmoral, then an expansion of BTR units across the state, the company notes in press materials.
“The build-to-rent model of real estate has found a thriving home in Texas and we are eager to continue expanding our footprint across the Lone Star State, starting at Balmoral,” said Ting Qiao, CEO of Wan Bridge, in a statement. “Land Tejas’ endorsement and trust in our build-to-rent model demonstrates that our product has a place in master-planned communities, so together we can offer residents the best of our company’s signature products.”