SAN ANTONIO – Embrey is upping the stakes on its built-to-rent gamble, announcing its third single-family rental community in Boerne — before the other two have even wrapped up construction.
The 214-unit project, Collection at Boerne, is part of the San Antonio developer’s built-to-rent Collection series. Embrey is slated to begin construction on the project in June, with an approximate one-year turnaround.
“This is a new platform for us,” said Jeremy Williams, senior vice-president of development at Embrey. He said the developer had been encouraged by how single-family rentals had been performing in the market. “We said, ‘This is something that has some traction.’ Built-to-rent has tapped into that mindset of being able to provide a home living experience with a rental component. We studied what was out there in the market, did our due diligence — then we spent six months designing the project.”
The homes will be duplexes, echoing Embrey’s Collection at Gruene and Collection at Champion Circle projects, in Gruene and Ft. Worth respectively, both of which are scheduled to begin delivering rental homes this summer.
“They look like 2,000-square-foot homes, but they’ll be two attached 1,000-square-foot homes, with front doors on opposite sides of the building,” Williams said. “With attached garages in some of the units.”
The project is backed by a $168 million private equity fund Embrey issued at the beginning of last year. The company stated it plans to put a total of $500 million worth of investments in single-family rentals by 2024.
Rates will be set at market values, Williams said. “About $1,600-$2,300 in the current market, depending on unit size — we’ll be offering a range between 750 and 1,300 square feet.”
“But we’ll see what the market demands,” he added. “So much has changed so quickly in the economy.”
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.