The suburbs of the Dallas-Fort Worth Metroplex continue to attract construction loans.
Provident Realty Advisors will begin construction on a large rental community in the Rockwall neighborhood. Provident secured a $24 million loan from Trez Capital to begin construction on the first 281 of 1,000 planned homes, according to a release.
That’s about $85,000 per household, but it’s unclear whether the loan is the only source of funding for Hillstead, the first phase of the Dallas-based Provident development. Delivery of the homes is scheduled for spring 2024.
According to the release, Perry Homes, Drees Homes, Highland Homes and American Legend Homes will participate in the development.
The community is located on 540 acres north of Rockwall, about 28 miles from downtown Dallas, near Lake Ray Hubbard. The plot is located at the intersection of National Highway 205 and County Highway 483.
Provident Realty was founded in Dallas in the early 90s and has developed projects worth more than $5 billion, according to its website. Trez Capital’s Dallas office has financed more than $6 billion in real estate loans and is the fifth lender to Provident, according to a press release.
Rockwall has been popular with home developers recently as Shaddock Homes recently announced the launch of 490 homes community called home Located on 196 acres near the intersection of FM549 and FM1139.
The build-to-rent development has Booming in Texas in recent years Because people are looking for single-family homes in the suburbs without the financial burden of owning a home.Suburbs in the Dallas-Fort Worth and Houston areas have Build-to-Rent is especially popular A hotspot for developers.
According to a study by RentCafe, Dallas ranks first in the nation in completed rental construction by 2022, with 3,000 homes completed. The number of build-to-rent homes in North Texas has doubled in five years, study finds.
