With housing prices escalating due to higher interest rates, potential homebuyers are putting off plans to buy. For now, renting a house is the next best option. Houston-based real estate investor Urban Genesis recently started work on a slew of build-to-rent homes in Stone Oak. The project will have a mix of one, two and three-bedroom units and the rents were being targeted at a number 20-40% lower than the cost of buying a similar home.
Called Oasis at Stone Oak, the company has begun work on the 284-unit community. The San Antonio Business Journal reports the firm — working with Connecticut real estate investor Grandview Partners as a strategic partner — recently received a $46.3 million loan from U.S. Bank to help finance the project. A company spokesman said the remainder of the cost of building the homes would be funded from equity.
Addison, Texas-based design firm HEDK Architects is attached to the project.
Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.