For a company developing its first community in North Texas, AHV Communities apparently has been doing homework on its planned project in McKinney.
Well, yeah, every developer scrutinizes the data before investing in their projects. But this project seemed like an idea that nailed several points specific to the Collin County real estate market.
- First, it’s a built-for-rent single-family home.
- Second, it’s in an area that’s bursting with housing development.
- Third, and perhaps growing in importance, it’s within easy commuting distance to southern Sherman’s ever-developing silicon corridor along U.S. 75.
Mark Wolf, co-founder and CEO of AHV Communities, summed it up in a straightforward statement in a release last week.
“As a company, we are highly strategic about where we build, evaluating each community location’s prospects for years to come.”
Mark Wolf, co-founder and CEO of AHV Communities“The site of this new community is exceptional,” he said. “The North Dallas submarket is becoming home to a vast number migrating into Texas from other states. And, like other cities in Texas, metro Dallas is experiencing heightened demand for quality rental housing options, especially as so many are getting priced out of the for-sale home marketplace due to rising interest rates.”
The company acquired a 38-acre site at the southwest corner of Custer Road and U.S. 380 to build 157 homes. Groundbreaking and land development will start happening early next year, AHV Communities said in its release.
Residents will find the location handy for the area’s major retail intersection. The location is flanked by a Walmart-anchored shopping center and McKinney’s first Whole Foods, which is expected to break ground in the coming months.
The new community doesn’t have a name yet and isn’t listed in its coming soon section. But in the release, AHV Communities provided a few highlights.
The community will offer modern-style floor plans ranging from 1,475 to 1,925 square feet. Three- and four-bedroom rentals will include direct-access, two-car garages, state-of-the-art appliance packages, private enclosed backyard spaces, and sustainable and smart home features.
The community will include an amenity package that includes a resort-style pool with sundeck, 24-hour fitness center, dog park, pet washing station, bocce ball/game court, barbecue and picnic areas, and a clubhouse.
AHV Communities recently moved its headquarters from Costa Mesa, Calif., to San Antonio. The privately-held company operates 20 communities across California, Washington, Colorado, Texas, Tennessee, and Alabama.
AHV has previously developed communities in the Austin, Houston, and San Antonio areas.
According to Pro Builder, builders have started an estimated 190,000 single-family built-to-rent homes since 2017. Of that total, 64,000 were built in 2021 and the first quarter of 2022.
“The historic model for building and selling homes is no longer sufficient,” David Howard, executive director of NRHC, told Pro Builder.
Built-to-rent “brings a new supply of homes online, which is something we haven’t seen in this space for a while,” he said.
