Build-to-Rent developer NexMetro Communities is eyeing 215 units for Avilla Fairways. The planned development would be located along Lake Sharon between Oakmont Dr and Barrel Strap (aka 2499). The detached rentals in Avilla Fairways would consist of a mix of 1-bedroom, 2-bedroom and 3-bedroom units. The recent Lake Sharon extension opened up this tract of land on the north side of the street making the project possible. Owners of Lake Sharon Estates to the south and the Larkspur at Oakmont to the north could soon be looking at a crop of new build-to-rent homes instead of a thick stand of trees.

Avilla Fairways would be the latest in a string of new North Texas B2R developments for the company. NexMetro has been very busy during the pandemic. The company’s build-to-rent communities in the Dallas-Fort Worth area include Avilla Heritage, Avilla Northside, Avilla Reserve, Avilla Fossil Creek and Avilla Parkway. Additional B2R communities under construction include Avilla Oakridge, Avilla Lakeridge, Avilla Grove, Avilla Traditions, Avilla Trails and Avilla Springs.

Avilla Fairways near the Club at Oakmont would be yet another project to capitalize on a hot real estate market in North Texas. With home prices going through the roof during the past year, renting a home has been a popular option for many people. NexMetro is targeting some of those baby chasers and empty nesters who want to be near the kids but don’t necessarily want to buy an expensive home with all of the maintenance and upkeep. These detached rental units are essentially a lower density rental alternative, a hybrid compromise between a higher density apartment building and low density single-family housing.

Smaller single-family homes in Denton County have been flying off the shelves during the past year causing a huge increase in prices. You could argue that NexMetro is one of the latest developments to come from the general financialization of housing in general. These investors, whether they be big institutional players or smaller regional companies, are all chasing yield wherever they can find it.

I’m sure the planned luxury rental units at the Villas at Fairways will be nice if and when they are constructed. As for the pricing, you can look at some of NexMetro’s other North Texas Build-to-Rent communities to see if you’d be a potential customer/tenant. For information about other rental options in the Denton or Corinth area, give me a call.

It doesn’t take a rocket scientist to see why renting a home is still an attractive option for many people in North Texas.