Product is Scarce for Prominent Sub-Asset Class SFR
Financing was recently arranged for the acquisition of Urbana at Plum Creek, a 144-unit single-family built-to-rent community in Kyle. The purchase price was undisclosed.
Scott Wadler of Berkadia Miami and Matt Nihan of Berkadia Boca Raton arranged financing on behalf of Beacon Real Estate Group, a Coral Gables commercial real estate acquisition and management firm. CrossHarbor Capital Group originated the three-year loan with extension options.
“This was a great opportunity to acquire a single-family build-to-rent property located next to the Plum Creek master-planned community. This is becoming a prominent sub-asset class and there is extremely limited product available like this in the submarket,” says Wadler.
Built in 2021 and located at 151 Rikardson St., Urbana at Plum Creek offers single family one-, two- and three-bedroom home rentals ranging from 632 square feet to 1,246 square feet.
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