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Dallas

Viridian developer building $19M rental project in Arlington

Nehemiah Company is also behind Johnson Development’s popular master-planned community

Veridian Developer Building $19M SFR Community in Arlington
Nehemiah Company's Robert Kembel and the Viridian master-planned community (Veridian DFW, Nehemiah Company)

A developer associated with one of DFW’s top master-planned communities is expanding its reach with a third rental community in Arlington. 

The Nehemiah Company, the representative for Viridian developer Johnson Development, is building a single family rental development in downtown Arlington, at 501 Mary Street. The project is expected to cost $19 million and could be delivered by November, according to a state filing. Echelon will have 65 single-family homes for rent.

The Nehemiah Company is a faith-based developer that has already developed two built-to-rent communities in Arlington, Mission at Johnson Creek and Mission on Ascension. 

Viridian is a master planned community that started in 2008 and is now home to more than 2,000 people. The community offers single-family homes for sale as well as apartments and townhomes for rent. Viridian’s portfolio also includes Elements at Viridian, a 141-acre neighborhood for residents 55 and above. It’s outfitted with amenities like a lake club, an event center and bike trails. Plus, Viridian has its own elementary school. 

Prolific Dallas-based developer StreetLights Residential got in on the community’s popularity when it built The Jackson, a luxury apartment complex that opened in 2021. StreetLights’ second project, The Louise, began accepting rental applications in late 2022.

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The built-to-rent trend took off at a clip during the pandemic as would-be homebuyers were stymied by high home prices and lack of inventory in the housing market. Single-family rental homes also offer more space than traditional multifamily units. When mortgage rates spiked, some home builders capitalized on the trend and transitioned homes meant to be sold into rentals. 

The trend is especially popular in the Metroplex. John Burns Research and Consulting ranked Dallas’s built-to-rent market at No. 2 nationwide, behind Phoenix. Dallas has 8,500 units under construction. Fort Worth came in at No. 6, with 2,600 units under construction.  

But, the abundance of supply is affecting the built-to-rent market in the same way it’s affected multifamily, rental housing economist Jay Parsons said recently in a post on LinkedIn. Rent growth for rental homes is down to 1.7 percent, he said. 

Arlington is located between Dallas and Fort Worth. While it’s often overlooked in favor of its larger neighbors, Arlington is the seventh-largest city in Texas, after El Paso. It’s home to AT&T Stadium and Globe Life Field, where the Dallas Cowboys and the Texas Rangers play.

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Companies and People
Nehemiah CompanyStreetlights ResidentialViridian
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Built-to-rent