NEW BRAUNFELS, TX - Embrey has closed on the land purchase for Collection at Gruene, marking the first project for the company's newly launched single-family rental platform. Embrey's single-family rental program will consist of one- and two-story homes within a rental community with best-in-class amenities and professional property management. Embrey's plan includes 126 duplex-style homes, with 252 units.
The deal was financed by PlainsCapital Bank, one of the largest banks in Texas, based in Dallas.
"This is an exciting offering for Embrey that expands our current portfolio of luxury living experiences beyond traditional multifamily residences," said John Kirk, Managing Director and Executive Vice President of Development for Embrey.
Gruene, a historic area of New Braunfels, sits just off the I-35 corridor between Austin and San Antonio, Texas, in the second-fastest growing market in the U.S. according to the U.S. Census Bureau.
"The single-family rental living experience is highly desired by today's discretionary renter," said Jeremy Williams, Senior Vice President of Development for Embrey. "We have a premier location where residents can walk to historic downtown Gruene. The community is easily accessible to both Austin and San Antonio and close to local attractions like the Schlitterbahn Waterpark & Resort and the Guadalupe and Comal Rivers."
The unique community will feature granite countertops; stainless steel kitchen appliances; washers and dryers; private driveways; fenced yards and attached garages with EV car charging outlets. Built-in desks and walk-in showers are available in select units.
Resident-accessible amenities include a private community clubhouse with a media room; a fitness center connected to an outdoor exercise and yoga lawn; a resort-style pool with sun decks, cabanas, and shade trellis lounge areas; outdoor grilling, fireplace and dining areas; and a large, fenced dog park.
Club and first-units are expected to be available first quarter of 2023. Construction of all units is expected to be completed by early 2024.