US-based financier for real estate developers Tempo Capital has arranged a $42m loan to a Texas-based build-to-rent developer for land acquisition, development and construction of a residential project in Texas, US.

The builder is purchasing 45 acres of vacant land to develop and build a 287-unit rental housing multifamily community.

This residential development will be in the Woodlands/Conroe submarket of Houston.

This project will have a single-level detached cottages, duplexes and two-storey signature patio homes set in tree-lined boulevards.

It will feature common areas including a pool, fitness centre and clubhouse.

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“The different product types cater to attainable and diverse housing needs all within a single, well-managed, amenitised community. Our client has a successful track record developing such communities and achieves strong demand for its product.

“Market studies indicate lease-up to be 20 units per month with a projected completion of 18 months. The builder will stabilize then seek a disposition of the community. We value our relationship and continue to expand our footprint through satisfied borrowers.”

The horizontal multifamily rental market shows consumer demand in the Houston MSA and other markets across the country as supply is behind demand.

Berke added: “As build-to-rent continues its success, both builders and capital are finding creative ways to work together and achieve outstanding results.”
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Image: The builder is purchasing 45 acres of vacant land to develop and build a 287-unit rental housing multifamily community. Credit: Pexels from Pixabay.