A San Antonio-based company is planning to build a community of single-family homes in McKinney exclusively for renters.
AHV Communities, which has built such rental properties across the country, bought a 38-acre site at the southwest corner of Custer Road and U.S. Highway 380 for 157 detached single-family homes, the company said.
The company expects to begin land development in early 2023 and to start building homes in early 2024. The rentals are expected to range from 1,475 to 1,925 square feet and include two-car garages, private backyards and smart home features. The community will have a resort-style pool, a dog park and a clubhouse with on-site management, similarly to what would be found at an apartment complex.
“We believe this superior location within McKinney is a perfect location for our thoughtfully designed and enviably amenitized selection of rental homes,” said AHV co-founder and CEO Mark Wolf in a statement.
AHV recently moved its headquarters from Costa Mesa, Calif., to San Antonio. The company operates 20 communities across California, Washington, Colorado, Texas, Tennessee and Alabama, and it expects to soon operate communities from coast to coast. It manages more than $1.25 billion in assets.
It has previously developed communities in the Austin, Houston and San Antonio areas, but this is its first North Texas project.
“The North Dallas submarket is becoming home to a vast number migrating into Texas from other states. And, like other cities in Texas, metro Dallas is experiencing heightened demand for quality rental housing options, especially as so many are getting priced out of the for-sale home marketplace due to rising interest rates,” Wolf said.
Morgan Properties, one of the largest apartment owners in the country, acquired ParcHaus at Skyline, a similar single-family rental community in McKinney near the intersection of U.S. Highway 380 and U.S. Highway 75, earlier this year.
Developers across North Texas see such a need for rental communities beyond just traditional apartment complexes. Another San Antonio firm, Embrey Partners, announced a community of duplex rentals in North Fort Worth last week. Examples of the build-to-rent trend can be found as far as Terrell, where a community of 300 rental houses is under construction.