Fort Worth will be gaining nearly 1,300 new rental houses and apartments through two new developments to be constructed over the next two to three years.
At the intersection of Shelby Road and Rendon Road, Orchard Farms will contain 643 single-family rental homes, where three- and four-bedroom homes will cost between $1,850 and $2,100 per month to rent.
Located at 5201 Shadydell Drive, Mansion at Marine Creek will feature 638 multifamily rental homes. The cost of rent for a one-bedroom will be $1,300, $1,600 for a two-bedroom, and $1,800 for a three-bedroom. Amenities will include a swimming pool, pool cabanas with charging stations, a recreation area with park benches, a residential business center, a jogging trail and pet walking area, an exercise facility, professionally landscaped grounds, mulched community pathways, and an outdoor barbecue and picnic area.
The land for both communities was purchased by DLP Capital, a Saint Augustine-based private real estate investment and financial services firm. They acquired the property from JMJ Development, one of DLP Capital’s elite members. JMJ Development plans to remain involved in the projects as a development partner. The construction of the developments will happen in three phases spanning two to three years.
Don Wenner, the CEO and founder of DLP Capital, stated that there is a growing demand for affordable workforce housing to rent across the country. “We’re pleased to provide single-family and multifamily rental home communities in Fort Worth,” he said.
Wenner also stated that his firm plans to continue bringing its experience and investments to thriving and growing cities like Fort Worth.
Earlier this month, DLP Capital provided Kalkan Capital with a $74 million loan to acquire two Houston properties with a combined 1,062 units. Kalkan Capital purchased the 25-building, 798 unit Palm property on Westheimer and the 25-building, 264 unit property called Huntington at Stonefield. DLP Capital has provided about $150 million in loans to Kalkan Capital to purchase Houston properties within the last year.