RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, and equity partner, NTT Urban Development Corporation, continues to expand its build-to-rent (“BTR”) Storia portfolio after closing on 14.16 acres in Corinth, Texas, a submarket of Dallas-Fort Worth.
This is RangeWater’s seventh development in Texas, the fifth in DFW, and the second Storia community in the metro on the heels of the developer’s recent openings of The Palo Apartments, a 325-apartment and The Palo Townhomes, a 120-unit townhome community. Expanding its Texas footprint, RangeWater is slated to complete Caliza at The Loop, a 154-unit townhome community in San Antonio, in the third quarter of 2024. In addition, The Darby, which consists of 326 apartments and 24 townhomes in Manor, a suburb of Austin, is anticipated to be completed in the fourth quarter of 2024. This development represents NTT Urban Development Corporation’s second investment in Texas.
“We are excited to continue building our Storia portfolio in the Dallas-Fort Worth area, as the market is rapidly growing,” said Nick Wilhelmson, Southwest Managing Director of RangeWater Real Estate. “Our team puts extensive research into each development, making sure it is the right fit for our portfolio by carefully considering market conditions, population growth, proximity to employment hubs, and more.”
The firm’s Storia brand offers a platform of BTR, single-family neighborhoods that deliver livability, a social lifestyle, and a sense of community that residents value. Since launching the platform, RangeWater has closed or is under contract on over 2,200 BTR units across the Sun Belt and Mountain West. RangeWater currently manages more than 15,000 BTR units comprising over 114 neighborhoods, with a working pipeline of nearly 3,000 homes, including best-in-class communities in Atlanta, Charleston, Dallas, San Antonio, and Tampa.
Located at 1250 N. Corinth Street, the 121-townhome community will offer three- and four-bedroom townhomes ranging from 1,451 to 1,800 square feet. The interior of the townhomes will feature spacious open floorplans with nine-foot ceilings, granite countertops, stainless steel appliances, in-unit washers/dryers, smart home technology, and two-car garages. The community will also provide a wide range of amenities, including a pool, open-air pavilion, grills, a fire pit, a park space for fitness and community activities, a dog park, and a walking trail throughout the property. RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine community.
The property is strategically located in a high-growth and affluent suburb with access to the entire metroplex. Situated conveniently off I-35E between downtown Lewisville and Denton, the property offers an easy 20-minute drive to DFW International Airport and a 10-minute drive to the University of North Texas. Less than a mile away, the city of Corinth recently opened the Commons at Agora, an iconic gathering space that will serve as a central hub for community activities, events, and festivals. The Commons features a concert stage, splash pad, and playground, as well as a food court for food trucks, right off Interstate 35E at 3280 Agora Way.
The DFW Metroplex recently ranked as the 14th best place to live in a study conducted by BestCities.com and is home to more than 10,000 corporate headquarters and 22 Fortune 500 headquarters, including AT&T, American Airlines, and ExxonMobil, to name a few.
The Atlanta-based operator will break ground in September 2024 with move-ins anticipated in the fourth quarter of 2025 and completion in the second quarter of 2026.
