Another national management company saw the potential in Dallas-Fort Worth’s single-family rental home market and pulled out its pocketbook.
Morgan Properties, based out of King of Prussia, Pa., acquired parcHaus at Skyline, a community of 136 detached homes in McKinney, from Dallas-based Provident Realty Advisors.
Morgan Properties rebranded the community Elevate at Skyline. The property includes one-, two-, and three-bedroom homes with private backyards and amenities such as a pool, dog park, and pickleball court.
Rental costs range from $1,600 to $3,000 per month.
For Morgan Properties, it’s a change in strategy. The company typically focuses on apartments. The Elevate at Skyline transaction is Morgan Properties’ first build-to-rent acquisition.
“Single-family rental homes are in high demand in the Dallas-Fort Worth area, specifically in towns that boast a desirable quality of living, upper-echelon school districts, and a robust employer base like McKinney, Texas,” Jason Morgan, President of Morgan Properties Special Situations & Principal said in a release.
“This made acquiring Elevate at Skyline an easy decision for us, and one that will jumpstart our future interest in diversifying our portfolio through single-family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.”
D-FW is one of the top markets for new rental single-family home communities. Last year, D-FW builders started 3,885 rental houses, which represents 7 percent of total single-family home construction, according to Residential Strategies.
Houston-based builder Wan Bridge is building a 40-acre community of townhomes and detached houses in Denton, and NexMetro Communities opened the 230-home Avilla Trails in south Fort Worth.
Elevate at Skyline is within direct access to U.S. 380 and U.S. 75 highways. Residents are near shopping, such as Allen Premium Outlets, and business centers, including The Raytheon Campus.
