An Arizona developer received a $72.9 million construction loan to build 317 rental homes in Fort Worth, according to the lender.
The developer, Empire Group, will build the Village at Golden Triangle on 30 acres near North Riverside Drive and Golden Triangle Boulevard in North Fort Worth, lender Tower Capital said Monday. Construction is expected to begin this month.
The community will include one- to three-bedroom floor plans with private yards and parking spots near front doors. Amenities will include a pool, outdoor grilling areas, a fitness center, a community clubhouse and car-washing areas.The units are set to have solid-surface quartz countertops, stainless steel appliances, premium kitchen backsplashes, full-size washers and dryers and smart-home features.
Single-family rental communities, often called build-to-rent, have grown in popularity as options for people seeking the flexibility and amenities of apartments but the lifestyle and layouts of single-family homes. The Dallas-Fort Worth metro areaMedian Dallas-Fort Worth home price slips back to $400,000 as sales slump
Tower Capital also arranged a $62.4 million loan for Empire Capital to build the Village at Hutto Station, a 276-unit build-to-rent community north of Austin. Tower Capital principal and co-founder Kyle McDonough said developers are moving forward with such projects despite challenging market conditions. He said many lenders have stopped funding construction loans this year.
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