HistoryMaker bought more than 6,000 lots in Houston and Dallas-Fort Worth within the past 15 months.
The acquisition is a part of a joint venture with its affiliate companies, HistoryMaker Homes and ONM Living. Through its affiliates, the 73-year-old company will build for-sale and for-rent homes on the lots, with the bulk of those in Dallas/Fort Worth, CEO Nelson Mitchell told the Dallas Business Journal.
The Grapevine, Texas-based builder aims to acquire 4,000 to 5,000 additional lots this year. While HistoryMaker typically deals in for-sale units, its affiliate OMN Living targets what it calls the “missing middle” for high quality, build-for-rent single-family detached villas and multifamily cottages.
Lot sizes for this project range between 40 and 60 square feet with rents from $1,100 to $1,500 a month, depending on location and size.
In 2021 alone, ONM Living acquired 1,000 lots throughout DFW and Houston and has about 2,000 build-to-rent units in the pipeline with a project value of about $650 million. ONM Living’s build-for-rent offerings are made entirely of build-for-rent single-family detached villas and multifamily cottages, Mitchell said.
“The recent sales of the Cottages at Bell Station in Fort Worth and the Villas of Rockbrooke in Lewisville provide ONM Living with additional capital for reinvestment back into the company to support further expansion in DFW and Houston,” the company said in its Monday announcement. “ONM Living growth plans include two communities slated for completion in Q4 2022, along with eight future communities in DFW and Houston that will feature both multifamily cottages and villa-style homes.”
“As the rapid pace of growth in DFW and Houston continues, we plan to meet the need for attainable housing through targeted expansion across 75 communities over the next five years,” said Zac Thompson, President of ONM Living.
Read more
Residential
Texas
Invitation Homes to launch $750M venture in North Texas single family rental market
Residential
Texas
As millennials drive rental demand, Dallas and Houston rank 3rd and 4th nationally in build-to-rent construction