Embrey Partners, a San Antonio-based real estate investment firm, plans to kick off a new build-to-rent development in Fort Worth early next year.
The Hunter Crossroads-Avondale project, according to a state filing, will bring with it 116 duplexes with amenities such as a clubhouse, pool, and parking garages. It has a projected construction cost of $42 million, the filing said.
Embrey Partners’ portfolio in Texas includes residential developments in Fort Worth, Houston, Austin, San Antonio, New Braunfels, Frisco, and Euless.
Construction is scheduled to begin in January, with a completion date set for the end of October 2025.
The Dallas Morning News reported that Embrey Partners’ developments are among several rental communities planned for areas north of Fort Worth after the firm expanded into the market in 2021. The company has also built apartment communities in North Dallas and Richardson, per the DMN.
Last year, Embrey Partners revealed in a news release that it had raised $160 million as part of an equity fund for future build-to-rent projects.
W Partnership of Houston is listed as the design firm on the filing. The firm has designed more than 400,000 residential units across mixed-use, multifamily, senior living, and student housing developments in 29 states, according to its website. Low-rise, mid-rise, high-rise, wrap, podium, and garden-style buildings are among its architectural works.
North Texas ranked as one of the most competitive rental markets in 2022, according to a Rental Competitivity Report by the resident services platform RentCafe.com, as The Dallas Express previously reported. Five months later, the publication found that rent prices dropped dramatically compared to their peak price in 2022.