Coastal Ridge builds to rent in Austin

Midwestern firm Coastal Ridge Real Estate is expanding its Stillwell brand to Texas. The company will develop a 20-acre build-to-rent community in Round Rock,18 miles north of Austin.

The homes will be part of Avery Centre, a 1,200-acre, mixed-use development. The planned community on the University Boulevard corridor will have 225 single-family homes arranged in what Stillwell calls a “horizontal apartment” or cottage community — freestanding, one- and two-story single-family residential units with private yards in configurations similar to those of a garden-style apartment complex. The houses will have one to three bedrooms, shared parking and community amenities such as resort style pools, walking trails and fitness centers.

The project is a joint venture with Halstatt Real Estate Partners, a real estate private equity firm based in Naples, Florida.

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Several build-to-rent single-family communities are in the works near Texas’ large population centers. Dallas-Fort Worth investor ILE, which already owns 450 homes in Texas, plans 1,000 new single-family rentals in the metroplex by the end of the year. ONM Living has about 2,000 build-to-rent units in the pipeline for the area as well. Closer to Austin, California’s Banyan Residential is set to build a 34-acre community of single-family rental homes in Pflugerville, six miles from Round Rock.