Dive Brief:
- AHV Communities unveiled plans last week to build a community of 157 single-family detached rental homes near Dallas, saying it wants to give consumers beset by rising interest rates a choice in rental options.
- The San Antonio, Texas-based company has acquired a 38-acre site for the community in McKinney, Texas, and groundbreaking and land development is expected to commence in early 2023, according to a release shared with Multifamily Dive.
- The new rental units, available in a variety of floor plans, will be professionally managed and maintained on site. The three- and four-bedroom rentals will include direct access two-car garages, state-of-the-art appliances, private enclosed backyard spaces and sustainable and smart home features, the company said.
Dive Insight:
The new rental home community will be built along US 380, proximate to both downtown McKinney and Frisco, and a 35-minute drive to downtown Dallas. Amenities will include a resort-style pool with a sundeck, 24-hour tech fitness center, dog park, pet washing station, BBQ and picnic areas, bocce/game court and a clubhouse, the release said.
“As a company, we are highly strategic about where we build, evaluating each community location’s prospects for years to come,” said Mark Wolf, AHV co-founder and CEO. “The site of this new community is exceptional. The North Dallas submarket is becoming home to a vast number migrating into Texas from other states. And, like other cities in Texas, metro Dallas is experiencing heightened demand for quality rental housing options, especially as so many are getting priced out of the for-sale home marketplace due to rising interest rates.”
AHV, in conjunction with Loveland, Colorado-based real estate developer McWhinney, also recently announced it is co-developing single-family rental homes at McWhinney’s 1,100-acre Baseline community in Broomfield, Colorado, and at Kinston within the 3,000-acre Centerra master-planned community in Loveland, Colorado.
News of the new single-family rental communities follows two recent AHV Communities announcements, the first being that it has added four new executives to its senior leadership team to broaden AHV’s national presence. AHV also vertically integrated execution capabilities across its rapidly growing portfolio, which currently includes 20 communities across six states and represents over $1.25 billion in assets under management.
AHV’s geographic footprint, including both operational and under development communities, now spans California, Washington, Colorado, Texas, Tennessee and Alabama, with many more locations in its sights.
“The growth and development momentum of AHV Communities continues, despite the shifting residential market,” said Wolf. “We anticipate that soon we will operate communities coast-to-coast.”
