Welker Properties is poised to capitalize on Collin County’s rapid growth as it embarks on a built-to-rent community north of Dallas.
The firm aims to build more than 340 rental homes at a 32-acre site between U.S. Highway 75 and Sam Rayburn Tollway in Melissa, according to a news release. Construction of the $95 million project, dubbed Wolf Creek Farms, is expected to start in the fall.
The project cost averages $279,000 per home. B2 Architecture + Design is attached to the project.
Built-to-rent communities have exploded in popularity, as renters seek the perks of a single-family dwelling without bearing the burden of home ownership. CEO Andrew Welker was piqued by the idea of rental homes well before the BTR craze, though.
With a background in the single-family realm, Welker was ready to shift to more multifamily projects when he founded the company in 2018. He realized that rental homes allowed him to blend the best of both worlds.
“It was just kind of the perfect opportunity, and when we came across this site, that’s when I just decided this wasn’t going to get much better,” Welker said. “North Texas is just so heavy on the growth right now.”
Wolf Creek Farms will feature a mix of one-, two- and three-bedroom homes, ranging from 705 to 1,467 square feet. Prices are expected to range between $1,700 and $2,950 per month. Amenities will include a pool with a grilling area, fitness center, dog park, pickleball courts and an open courtyard with a lounge area and fireplace. Residents will also have the option to rent a detached garage.
Collaborators for the project include JHP Architects, engineering firm Kimley-Horn, construction company Acadian Group and landscape architect Bud Creative.
Dallas-based Welker doesn’t expect a slow down in the built-to-rent surge, especially as North Texas’ population continues to boom and home prices go up.
“It’s becoming a little bit more common to rent as affordability becomes a factor, especially with high interest rates and everything right now,” Welker said
Millennials have perhaps been the most targeted demographic with BTR developments. The thought of living in the suburbs with a yard, amenities and better public resources, without the costs of owning a home, can be ideal for young professionals and families.
Rental homes also attract older generations as well as single parents.
“They don’t necessarily need a four bedroom house, but they want to have the garage, the yard for the dog, the kids to have a community,” Welker said. “There’s quite a range of prospects that we’re going to be targeting.”
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