Wan Bridge, Centurion American to Develop Denton Multifamily

Two Texas heavy hitters are bringing more built-to-rent housing to Dallas-Fort Worth.

A joint venture of Houston-based Wan Bridge and Farmers Branch-based Centurion American Development Group are planning rental home communities across North Texas, starting with a 201-unit project in Lewisville, the Dallas Business Journal reported.

The development, called Frontera Shores Townhomes, will rise on 35.8 acres near Interstate 35 in what the developers describe as Lewisville’s “northern Gateway.” Construction is expected to begin in July or August, with completion by December 2026.

The community will feature two-, three-, and four-bedroom townhomes with amenities such as walking trails, a dog park and a swimming pool.

Demand for single-family rentals is rising as many would-be buyers are priced out of homeownership. DFW has the second-biggest built-to-rent market in the country after Phoenix. More than 21,000 units were in the pipeline across Texas in January, and almost 8,500 of those were in DFW.

Wan Bridge lists four DFW built-to-rent communities in its website, in Denton, Forney and Waxahachie. Its biggest market is Houston, but it also has holdings in Austin and San Antonio. Rents at its communities range from $2,400 to $2,700 per month, according to the company’s website.

Frontera Shores is the first of what the partners say could be 10 or more build-to-rent developments in the region, potentially adding more than 1,000 rental homes to the market.

The deal comes as Wan Bridge recalibrates its growth plans, trimming its five-year goal from 30,000 to 12,500 homes in response to tighter capital markets and slower rent growth.

Other recent built-to-rent plays in Texas include Taylor Morrison subsidiary Yardly’s entrance into the market with plans for 175 units in the Austin suburb Pflugerville.

—Rachel Stone