Toronto-based builder Great Gulf Group has acquired 787 residential lots across Texas with plans to build, own and operate single-family rentals on the lots, which are in seven different master-planned communities in San Antonio, Austin and Houston.
The company bought the sites in partnership with developer and property manager Westdale, also based in Toronto, and an unnamed Canadian institutional investor.
Forestar, a Texas-based residential lot development company, sold the lots to Great Gulf because it wanted to include purpose-built single-family rental housing in the builder programs for those planned communities, CEO Daniel Bartok said.
Forestar is a majority-owned subsidiary of Dallas’ D.R. Horton, which says it’s America’s largest homebuilder.
The purchase marks Great Gulf’s entry into the Houston and Austin build-to-rent markets. The company, which is primarily pursuing a Sun Belt investment strategy, has projects in Tampa, Florida; Charleston, South Carolina; San Antonio and Dallas.
Development of the newly purchased lots has begun, according to Great Gulf. It expects the homes to be delivered in late 2023.