Embrey Buys Land for SFR Project in Texas
The 252-unit community will mark the company’s first SFR development.
Embrey has bought land for the first project of its recently launched single-family rental platform. Upon completion, Collection at Gruene will bring 126 duplex-style homes with 252 units to Gruene, Texas.
PlainsCapital Bank provided acquisition financing for Embrey. The first units of the new development are scheduled for delivery in the first quarter of 2023, while the entire project is expected to be finalized by early 2024.
Collection at Gruene homes are expected to feature private driveways, fenced yards and attached garages with EV car charging outlets. Select units will have built-in desks and walk-in showers. Community amenities will include a clubhouse, fitness center, pool, barbecue and a fenced dog park. John Kirk, Managing Director and Executive Vice President of Development for Embrey, said in prepared remarks that the SFR platform will expand the company’s portfolio of luxury living experiences beyond traditional multifamily residences.
Located in Gruene, a historic area of New Braunfels, the property is just off the Interstate 35 corridor, between Austin, Texas and San Antonio, in a burgeoning market. Several retail, dining and entertainment options will be available within a 1-mile radius.
The single-family sector is gaining momentum due to growing demand. Earlier this month, Advenir and Oakley Group formed a joint venture to develop and acquire a portfolio of single-family rental assets and built-for-rent properties across the Southeast and Midwest. The partnership intends to accumulate 8,000 units by 2025.