DALLAS, TX – Kinloch Partners has completed the purchase of multiple properties in Royce City, Texas, in the eastern portion of the Dallas Metroplex. The company plans a build-to-rent subdivision that will provide affordable single family homes (SFR) to this fast growing region.
Kinloch Partners plans to aggressively expand its holdings in the Dallas area with multiple build-to-rent projects totaling 500 new SFR homes over the next 18 months. The homes will be between 2,000 and 2,500 square feet and will cost between $ 200,000 and $ 300,000. The rent will be less than $ 2,000 per month.
"Dallas is growing rapidly with a stable workforce, but like many markets across the country, affordable housing remains a challenge," said Bruce McNeilage, Co-Founder and CEO of Kinloch Partners. "SFR Build-to-Rent Homes offer an affordable option for people who want a single family home but may be struggling to find the right home to buy."
Build-to-rent subdivisions are an emerging trend in property development that is attracting investors from Wall Street hedge funds, pension funds, and international entrepreneurs. In the United States, more than 72 million millennials were born between 1981 and 1996. Many are in the prime of raising families, want to buy a house, but are often faced with high student loan debt. This makes home ownership a challenge and leads to an increase in build-to-rent.
Kinloch Partners is a pioneer in build-to-rent and their portfolio of homes in the Southeast and soon to be Texas are a great example of how the concept works.
"We know the road to traditional home ownership is out of reach for many today," said McNeilage. "Newly built single-family homes are a great alternative for people who are still looking to rent but also want the convenience of a single-family home. We look forward to expanding this concept in Dallas."
Source: Kinloch partner