Work has begun on Wingspan, the first build-to-rent neighborhood in the master-planned Bridgeland Community in Cypress, Texas, according to the developer, Howard Hughes Corp.
Arch-Con will build the project, which will feature 263 homes. The first residents are slated to move in by next summer, Community Impact Newspaper reported. A shortage of homes for sale and soaring prices have boosted demand for rentals and helped to fuel growth of the build-to-rent business in Texas.
(Courtesy of Bridgeland)
“By adding Wingspan to our diverse housing options in Bridgeland, Howard Hughes is responding to the unwavering demand for turnkey homes with all the benefits that come with living in the master-planned community,” said Hughes executive Travis Guinn, according to a press release.
The project is the latest in a growing trend in Texas. Phoenix-based developer NexMetro Communities said earlier this month it had started construction of two North Austin build-to-rent communities in Georgetown and in Liberty Hill, which are expected to begin at the end of this year or early next year.
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“Created for renters seeking a lock-and-leave lifestyle, Wingspan offers another attractive option for those who want to benefit from connectivity to hundreds of acres of green space and access to top-ranked schools along with in-demand retail and dining destinations,” Gunn said.
Wingspan will be zoned in the Cy-Fair independent school district and located south of 22-acre Chrysalis Lake in Prairieland Village, west of the Grand Parkway. According to the release, it will feature both single-family attached and detached homes, including casita-style homes, townhomes and duplexes, with one- to four-bedroom floor plans ranging from 650-1,700 square feet.
Select units will have garages, and some of the amenities within the neighborhood will include a pet park, a playground, a pool, a fitness center and covered outdoor spaces with grilling stations.
Although Cypress has a high apartment occupancy rate, many renters are looking for the single-family experience in the area, Hughes Corp. Houston region president Jim Carman said in an interview with Community Impact.
With cities and suburbs like Cypress continuing to see massive in-migration, the single-family home market in Texas is thriving, and investors are showing no signs of shifting their interest in its development.
The Zoning and Planning Commission in McKinney, Texas – one of the most affluent counties in the state – approved a rezoning request from Fort Worth-based developer Continental Properties earlier this month as well. The request allowed for the construction of 104 single-family for-lease homes on 11 acres of land.
The Wingspan development will be managed by Howard Hughes’ multifamily division, according to Guinn, and will be one of the latest developments of this scale in the state.
“We are seeing a growing renter-by-choice population, so that is a changing or growing segment of the customer base,” said Carman.
[Community Impact Newspaper] — James Bell