AUSTIN, TX - LA-based real estate investment firm Banyan Residential has officially commenced construction on Banyan Everton, a single-family rental community with 234 homes in Pflugerville, Texas. Banyan acquired the 34.4-acre land parcel in December 2021 through a partnership with Bridge Investment Group. The community is expected to open in the first quarter of 2024.
This marks Banyan’s second single-family rental project in Texas. The team is currently leasing Banyan Kingsland Heights near Houston, which consists of 97 homes.
“The single-family rental space has continued to prove itself as a well-performing niche with significant longevity within the housing market,” said Ryan Seeley, Vice President at Banyan Residential. “With increased rental demand, this development allows those seeking home ownership alternatives a chance to live in a great community, and also offers a solution for buyers in transition or those that are relocating to the area.”
The detached single-family homes will consist of three- and four-bedroom layouts with an average size of 1,771 square feet. Each will have a private driveway, two car attached garage, and a fenced backyard. The community will also have a pool, fitness center, and common area green space.
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.
“Bridge is excited to partner with Banyan in providing a best-in-class single-family rental development to a growing market. We believe the strong market fundamentals of Austin coupled with the development expertise of Banyan will make this project a success. We are grateful for the support of all parties who have kept this project on track, and we look forward to the completion of this beautiful community,” said David Coelho, Chief Investment Officer at Bridge Investment Group.
Single-family rentals continue to cater to expanding residential demographics, especially for those seeking the privacy and conveniences of single-family living, without the mortgage and down payment. For more information, please visit banyanresidential.com.