NexMetro Embarks on Multiple BTR Projects Near Dallas

A prolific built-to-rent developer is making headway on its next project in the Dallas area, where rental homes are sprouting up rapidly.

Phoenix-based NexMetro Communities will soon open Avilla Boat Club in Fort Worth, a luxury rental community with 107 homes, and it’s planning two more projects in Anna and Cleburne that will open for leasing by late 2024, the Dallas Business Journal reported.

NexMetro has delivered a dozen built-to-rent communities in the Dallas area, according to the firm’s website. Including developments in the pipeline, NexMetro has undertaken 3,000 homes in the area.

The project in Anna, which is about an hour north of Dallas, recently received local approval. The 65-acre development will include 211 detached single-family and duplex units, with floor plans ranging from one- to three-bedrooms. About 27 acres will be reserved for commercial use, such as restaurants, retail or medical offices.

Dallas-Fort Worth has been at the forefront of the BTR craze in Texas. In 2022, DFW led the nation with the completion of 2,773 rental homes, the outlet reported. Nearly 4,000 rental homes were added to the region from 2017 to 2022, amounting to the second-largest supply in the country with 7,843 units.

Other developers are joining the BTR party in North Texas. Welker Properties aims to build more than 340 rental homes at a 32-acre site in Melissa. Construction of the $95 million project is expected to start in the fall.

In May, Chicago-based Core Spaces started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton.

—Quinn Donoghue