Buckingham Advisors recently secured $31 million in senior construction financing for a multi-site community of build-to-rent single-family homes in Houston. The properties totaling 102 units are situated on five separate subdivisions in the Houston submarkets of Spring Branch, Midtown and The Galleria.

“The rise of build-to-rent communities is fueled by the current tenant migratory trend that has been opting out of smaller, denser urban housing in favor of larger, less dense housing options. Millennials, in particular, are driving a portion of this demand,” said Simon Goldstein, principal of Buckingham Advisors. “This demographic is looking for more space as they contemplate a post-pandemic world where they still work from home a portion of the week.”

Total capitalization for the overall transaction amounted to $47 million and Buckingham Advisors advised the borrower on the full capital stack. The properties are being developed by Atma Homes and Allied Orion, with financing provided through CoreVest.