AUSTIN, TX – Banyan Residential, an LA-based private real estate investment firm, announces the acquisition of a 34.4-acre land parcel in Pflugerville, Texas to develop its third single-family rental community. Developed in partnership with Bridge Investment Group, the community will comprise 230 single-family rental homes, as well as a pool, fitness center, and common area green space. The team acquired the property in December 2021 and will commence construction in Fall 2022.
“We have a significant opportunity to address the increasing demand for single-family rental homes by building additional housing proximate to several rapidly expanding employment hubs in one of the fastest-growing metro areas in the U.S.,” said Ryan Seeley, Vice President at Banyan Residential.
Located at 2601 Crystal Bend Drive, the community is less than a 10-minute drive to Tech Ridge and Parmer Center, which is home to notable employers including Dell, General Motors, Home Depot, Facebook, 3M, Blue Apron, as well as Samsung Austin Semiconductor and the planned 4.8 million-square-foot Amazon development known as “Project Charm.” The development is also within close proximity to the 133-acre Apple campus, the new $1 billion dollar Tesla Gigafactory, and the 11.5 million square feet of office space in Austin’s Central Business District.
“We are excited to add this development to the growing number of single-family rental home communities in our portfolio,” added Nick Gonzalves, Director at Bridge Investment Group. “We look forward to delivering another best-in-class, build-to-rent community that offers residents a more unique living experience than traditional apartment-style buildings.”
This marks Banyan’s third single-family rental project in Texas. The team is currently leasing Banyan Kingsland Heights near Houston, which consists of 96 homes and community amenities, and will begin leasing Banyan Bunton Creek in Kyle, Texas in Spring 2022, which will feature 163 homes upon completion.
For more information, please visit Banyan Residential at www.banyanresidential.com