One of North Texas’ best-selling new home communities is adding a single-family rental project.
The 1,100-acre Painted Tree community being developed near U.S. Highway 380 in McKinney was one of the Dallas-Fort Worth area’s most popular addresses for new home buyers in 2023.
Painted Tree ranked third for D-FW home sales last year with 448 properties purchased. The big residential development is planned to include about 2,800 single-family homes and townhomes and began sales in 2022.
Curve Development, an Arizona-based leading real estate development company, has now broken ground on a more than 300-home single-family rental community in Painted Tree.
The 46-acre community called Cyrene at Painted Tree plans to start leasing later this year. The three-bedroom and four-bedroom rental homes will have two-car garages and private backyards.
“This build-for-rent community represents our commitment to delivering exceptional homes that cater to the diverse needs of today’s residents,” Curve Development President Nathan Pile said in a statement.
Curve Development is also planning a 102-home rental community that will start later this year in Denton.
The Phoenix-based developer has other rental home communities in Arizona, California and Florida. Curve Development specializes in single-family rental projects. The builder is funded by JEN Partners LLC, a New York-based private equity fund.
Last year, builders started 5,260 single-family rental communities in Dallas-Fort Worth, according to Dallas-based housing analyst Residential Strategies. These rental homes made up more than 10% of North Texas’ single-family home starts last year.
D-FW is the country’s second fastest growing market for single-family rental homes, according to a new report by NorthMarq. More than 8,000 new rental houses are in the development pipeline.
Builders started 50,244 houses in D-FW in 2023, almost 3% more than 2022′s housing production.
