Core Unveils First BTR Properties

The projects are situated in the Dallas and Nashville metros.

Oxenfree at Princeton in Princeton, Texas. Image courtesy of Core Spaces

Core Spaces will debut its first build-to-rent communities next month, when its Oxenfree at WeHo in Nashville, Tenn., and Oxenfree at Princeton in Princeton, Texas, begin leasing.

The developer has a portfolio of nearly 4,000 BTR homes under development across rapidly expanding markets like Austin, Charlotte, Dallas-Fort Worth, Denver, Nashville and Florida’s Gulf Coast. These include seven communities and about 1,500 homes under construction, with more groundbreakings to take place this spring.

The Oxenfree communities embrace the tenets of New Urbanism, and are designed to create pedestrian-friendly neighborhoods. Homes feature smart home technology and private garages, while common-area amenities include community fieldhouses.

Oxenfree at WeHo, a 96-home community, is situated in Nashville’s fast-growing Wedgewood-Houston enclave. Multi-level townhouses feature three- and four-bedroom layouts with private garages. Amenities include an outdoor entertainment space.

“As a newer asset class, one of the challenges has been the need for education around the concept of build-to-rent as an alternative for housing,” Cliff Payne, chief investment officer of BTR at Core Spaces, told Multi-Housing News. “As with all real estate, you need buy-in from many different stakeholders to make a deal happen, from investors and municipalities all the way to consumers and future residents.”

Located in the Dallas suburb of Princeton, Texas, Oxenfree at Princeton offers 408 single-family detached homes and townhomes with private garages and yards with outdoor patios. The community, which spreads over 50 acres, offers several common-area amenities, among them a communal 10,000-square-foot fieldhouse.

“With general awareness as a hurdle, we seized every opportunity to paint the picture of Oxenfree and this new way of living, by networking, attending panels and conferences and building a brand that resonates with consumers,” said Payne. “Through our intentional efforts, we’ve been able to build an understanding around BTR as a great housing solution and, most importantly, how our purpose-built Oxenfree communities are different from what’s currently in the market.”

Track record

Over the past few months, Core has broken ground on five more communities. They include Oxenfree at Rowlett and Oxenfree at West Oak, both in Dallas. Set to mobilize later this year, the first homes will be available for occupancy next spring. Oxenfree at Stonebriar in Frisco, Texas, Oxenfree at Parklin in Charlotte, N.C., and Oxenfree at Clear Creek in Denver, Colo., will begin delivering homes in summer 2025.

Core’s BTR portfolio draws upon the company’s established track record of success in student housing, where the company has more than 60 communities and 37,400 beds nationwide. Four months ago, TruAmerica announced it would break ground on its first BTR community, an $86 million, 33-acre development, in South Carolina.

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