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Ascendant to Open 131-Unit BTR Community in Kingwood
Another Build-to-Rent community has been delivered in Texas. Ascendant Development has completed Preserve at Woodbridge, a 131-unit single-family rental community in Kingwood, Texas, in the Houston metro area. Commercial Edge reports the developer took out a $21.2 million loan from Moody National Bank in 2021 to finance the construction of the project.
Preserve at Woodbridge is made up of one-, two– and three-bedroom floorplans ranging from 668 to 1,255 square feet. Homes feature 10-foot ceilings, in-unit washers and dryers, walk-in closets and ceiling fans, along with private patios and backyards. Community amenities include a clubhouse, saltwater pool, fitness center, yoga studio, internet café and a dog park.
Leasing at the project began this summer, with more than 55 percent of the units already preleased.
While the BTR sector in Houston is still growing, it’s slowed 2% off its highs in both occupancy rates and rental costs.
