DLP Capital, JMJ Development Expand in Fort Worth
The partners plan to develop more than 1,300 units between two projects.
DLP Capital, a private real estate investment and finance firm, has acquired 140 acres in Fort Worth, Texas, and is planning to construct two rental communities with nearly 1,300 units of single-family homes and garden-style residences.
The developments are part of the firm’s plan to deploy $2.6 billion in debt and equity into the Southeast this year, according to a DLP Capital spokesperson.
DLP Capital acquired two tracts of land from JMJ Development, which will stay involved in the projects as development partners. Terms of the transactions and the development costs were not disclosed. DLP Capital will manage both properties after completion. Construction will be done in three phases over the next two to three years.
Orchard Farms, a single-family rental home community with 659 residences will be built on 100 acres at Shelby and Rendon roads. The homes will have three- and four-bedroom floorplans and range in size from 1,456 to 1,771 square feet. Approximately 6 acres will be used as an amenity center for the development, which will include a resident pool, splash pad, dog park, trail system and playground.
Mansions at Marine Creek will be a garden-style rental community with 638 units located at 5201 Shadydell Drive. The units will have one- and two-bedroom floorplans ranging in size from 848 to 1,261 square feet.
Amenities at the multifamily property will include: a recreation area with park benches, swimming pool, pool cabanas with charging stations, residential business center, jogging/fitness trail, exercise facility, pet walking area, barbecue and picnic area, Wi-Fi in common areas, professionally landscaped grounds and mulched community pathway.
Don Wenner, DLP Capital founder & CEO, said in a prepared statement there is growing demand for affordable workforce housing to rent across the country and DLP will be providing rental homes to meet that demand. He said the firm plans to continue bringing its experience and investments to thriving and growing cities like Fort Worth.
While DLP Capital has been a bridge lender on a number of build-to-rent projects, Orchard Farms will be the DLP’s first BTR development as an equity owner, a company spokesperson told Multi-Housing News. The spokesperson said DLP has a significant pipeline of BTR projects that will be announced upon closing.
Recent DLP Deals
In early January, DLP Capital provided a $74 million loan to Kalkan Capital for the acquisition of two Houston properties with a combined 1,062 units in separate transactions. Kalkan purchased the 25-building, 798-unit Palms on Westheimer and the 25-building, 264-unit Huntington at Stonefield. In the past year, DLP has provided about $150 million to Kalkan to acquire residential properties in Houston.
Late last year, DLP Capital was part of a joint venture with RREAF Holdings LLC and 3650 REIT that acquired a 21-property portfolio with more than 4,000 units for a total of $534 million from Carter Funds, Southwest Resources and Seuba USA Corp. First announced in September, the acquisitions occurred in three tranches with the final transactions in November. The portfolio has properties in Mississippi, Alabama, Florida, Texas, Arkansas, Louisiana, Georgia and North Carolina with vintages that range from the 1960s to new construction.