SAN ANTONIO, TX - Great Gulf Group, together with its partners Westdale Properties and a large Canadian institutional investor, has acquired 787 residential lots across seven master-planned communities in San Antonio, Austin and Houston, TX, from Forestar Group to build, own, and operate dedicated single-family rental homes.
"This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf's operational scale across our Texas portfolio. Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied," said Aole Ansari, Chief Operating Officer, Great Gulf Build-to-Rent. "Land development and construction activities are underway, and we expect to begin home deliveries to residents in late 2023. We look forward to future investment opportunities and strengthening our relationship with Forestar."
Daniel Bartok, Chief Executive Officer of Forestar, said, "These sites provide an excellent opportunity to include purpose-built single-family rental housing for consumers interested in living in these communities. We are very pleased to bring Great Gulf into our builder program to fulfill the growing demand for this housing option and look forward to growing our relationship."
Great Gulf's investment strategy is primarily focused on US Sun Belt states, whose high population growth is driven by strong job growth, low tax and regulatory burdens, affordable housing, low unemployment, and warmer climates. Together with existing projects in Tampa, FL, Charleston, SC, San Antonio, TX and Dallas, TX, Great Gulf's build-to-rent portfolio is approaching 2,000 lots and homes within one year of operation.