A 112-unit build-to-rent community is renting out units, even though about a quarter of the units are still being built. Balcara at Meridiana is feverishly working on the final units in the Rise Communities 3,000-acre Meridiana master-planned community in Manvel, about 30 minutes due south of Houston. So far, about 20 of the homes have been rented out. The builder expects to be done building this summer.
The Houston Business Journal reports the Balcara Group acquired the tract, near the northeast corner of state Highway 288 and Meridiana Parkway, from Rise in the latter part of 2021 and started development about nine months ago.
The attached two-story, three- and four-bedroom homes range from 1,700 to 1,770 square feet, including two-car garages and fenced backyards.
Monthly rents range from currently $2,450, which includes a discount, to $2,995. That compares to a $2,207 median rent for a single-family home in Greater Houston.
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.