A partnership between Tricon Residential and HHS Residential broke ground on Willow Creek Manors, which will include 146 rental homes in Tomball, Texas. The development is the first of 14 in metropolitan Houston, Dallas, Austin and San Antonio, according to Tricon. The company is set to operate the community upon completion, while HHS Residential is the developer. The community is expected to deliver in late 2022.
According to public records, the developers acquired the site in April 2021, when they also landed a $24.8 million construction loan from Western Alliance Bank. This month, they secured another $33.7 million in construction financing from the same bank.
Willow Creek Manors will have three- and four-bedroom homes featuring modern finishes and high-end technology. Community amenities are slated to include a dog park, pool, spa and sports field. Each home will include a two-car garage.
Located near 9530 Farm to Market 2920, the community will be some 5 miles east of Interstate 249, offering access to downtown Houston. Willow Creek Business Park is less than 1 mile south, while David Wayne Hooks Memorial Airport is some 2 miles southeast. Several entertainment, dining and retail options are available 4 miles west of the community, including a Walmart Supercenter and a Cinemark Spring-Klein and XD cinema.
The growing SFR niche
Continuing to invest in the single-family rental market, Tricon plans to build more than 3,000 build-to-rent homes across 23 communities. This year, the company formed a $5 billion joint venture, its largest yet, planning to purchase more than 18,000 single-family rental homes in the Sun Belt.