BTR Daily - May 1, 2025 - Wan Bridge and Centurion American to build 201-unit project

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NEWS ROUNDUP

DEVELOPMENT: Wan Bridge and Centurion American to build 201-uni project. Wan Bridge and Centurion American have partnered on Frontera Shores Townhomes, a 201-unit BTR community in Lewisville, TX. Located on 36 acres, the project will offer two- to four-bedroom townhomes with amenities including walking trails, a dog park, and a swimming pool. The first homes are set for delivery in September, with full completion expected by December 2026. This is the first BTR collaboration between the two firms, which plan to develop over 10 similar projects across North Texas totaling more than 1,000 homes.

DEVELOPMENT: Wolfson BTR cuts ribbon at 214-unit community. Wolfson BTR has marked the official ribbon-cutting at Encanto Isla, a 214-unit BTR community in Orlando, FL. Developed in partnership with Paragon Group and First Florida, the project is managed by Greystar under the Summerwell brand. The milestone marks the first completed homes at the new BTR development.

FINANCING: CoreVest provides $25.1 million for 157-unit portfolio. Joakim Mortensen, Chief Client Officer at CoreVest, announced that CoreVest has funded a 157-unit rental portfolio across various states. The funding came in the form of a $25.1 million loan.

LAW: Bainridge, Gerogia considers new rules for BTR communities. The City of Bainbridge is considering a new ordinance that would regulate BTR communities, signaling a shift in local housing policy. The proposal mandates on-site management six days a week and requires that at least 5% of the property be dedicated to recreational amenities such as pools, clubhouses, or gardens. The rules would apply only to residential single-family subdivisions with 80 or more units. The amended ordinance is scheduled for a public hearing on May 20.

READ: US SFR index March 2025.

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92 Units | Property Mix: 85 Homes/2 Duplexes/1 Triplex | Total Price: $9,600,000 | Avg. Price per Property: $109,090

69 Units | Built in 2023 | 90% Occupancy | Private 1-Car Garages

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