Welker Properties Lands Financing for Metroplex SFR

Upon completion, this $95 million development will be among the largest in the area.

Wolf Creek Farms
Wolf Creek Farms will span 32 acres. Image courtesy of Greysteel

Welker Properties has secured construction financing for Wolf Creek Farms, a 343-unit single-family-rental project in Melissa, Texas, near the Dallas-Fort Worth metro area. Greysteel arranged the loan on behalf of the developer. Completion is expected by the end of 2026.

Plans for the $95 million project call for one- and two-story residences with one- or two-car attached garages as well as cottage-style homes with no garage. Common-area amenities are slated to include a swimming pool, dog park, fitness center and resident lounge.

Located at the intersection of Highland Road and Throckmorton Road, Wolf Creek Farms will be between Interstate 75 and Sam Rayburn Tollway, roughly 45 miles north of downtown Dallas. The 32-acre site is also 3 miles from Melissa’s city center and some 12 miles from McKinney, Texas.

Greysteel Senior Managing Director Daniel Harnett and Director Harrison Cole structured the deal.

SFR momentum in Dallas-Fort Worth

The single-family rental market has remained healthy in the Metroplex, with occupancy increasing 2.6 percent year-over-year through January, reaching 95.4 percent, according to a recent Yardi Matrix report. However, the average rental rate for SFR properties slid 3.2 percent to $2,214.

Construction activity has remained robust. Recently, Capital Square completed Perch Denton, a 195-unit single-family rental community in Denton, Texas, also north of the Metroplex. In partnership with Good + West Residential and Montgomery Street Partners, the developer financed the project with a $33.5 million construction loan and $22 million in private equity.