Build-to-rent takes off in Texas

Banyan Residential plans 230-home rental community north of Austin

National /
Jan.January 12, 2022 04:45 PM

Banyan Residential founder Benjamin E. Brosseau
& suburbs of Pflugerville, Texas (iStock, Banyan Residential)

Build-to-rent is taking off in Texas.

California’s Banyan Residential said it will build a 34.4-acre community of single-family rental homes in Pflugerville, a booming suburb 18 miles north of the Texas capital, the Austin Business Journal reported. Banyan, in partnership with Salt Lake City’s Bridge Investment, didn’t disclose the price of land bought for the development.

The planned community at 2601 Crystal Bend Drive will have 230 single-family homes for rent at market rates. Rents will be comparable to those of similarly sized Class A apartments. It will include a pool, fitness center and green space.

Pflugerville’s population jumped 44 percent in the past decade to 67,796. Like nearby Round Rock and Georgetown, the city is booming in part because of the nearby presence of tech employers, including Dell Technologies, Apple. Samsung is building a $18 billion semiconductor factory in Taylor, Texas, 18 miles from Pflugerville.

The so far unnamed single-family rental development is Banyan Residential’s third in Texas. The company also developed Banyan Kingsland Heights, a 96-home community near Houston, and is building 163-home Banyan Bunton Creek in Kyle, 22 miles south of Austin.

The Pflugerville development is part of a nationwide build-to-rent trend as renters seek single-family homes instead of apartments. In the Austin area, the communities also play a role in addressing a housing shortage and home-buying prices that are out of reach for many moving to or already living there.

Wan Bridge Group, Taylor Morrison, UM Development and Aspen Heights Partners said last year that they would develop single-family rental communities in the Austin area. Those include a UM Development, about five miles from the Banyan site in Pflugerville.

[ABJ] — Cindy Widner





    Related Articles

    arrow_forward_ios
    The Nakagin Capsule Tower in Tokyo. (Getty)
    Landmark Tokyo tower made up of cubes coming down
    Landmark Tokyo tower made up of cubes coming down
    The most expensive home in Baltimore County. (Townsend Visuals)
    Most expensive home in Baltimore County back on the market
    Most expensive home in Baltimore County back on the market
    Elle International's Constance Benqué (Getty Images, iStock)
    Elle, luxury brands enter hotel market
    Elle, luxury brands enter hotel market
    “The New Kings of New York” rockets to top of Amazon charts
    “The New Kings of New York” rockets to top of Amazon charts
    “The New Kings of New York” rockets to top of Amazon charts
    REBNY president James Whelan (REBNY, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Construction pipeline soars 69%: REBNY
    Construction pipeline soars 69%: REBNY
    3 New York Avenue in Jersey City, NJ (Google Maps, iStock)
    Developers land $97M for Jersey City multifamily
    Developers land $97M for Jersey City multifamily
    Gopuff co-CEO Rafael Ilishayev (Gopuff, iStock)
    Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
    Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
    Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
    WeWork names new CFO
    WeWork names new CFO
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...