Avanta Residential Reaches Financial Close and Inks Deal for Homes at Painted Tree in McKinney, Texas

Rhea-AI Summary

Avanta Residential has finalized the acquisition of 27 acres in McKinney, Texas, to develop a build-to-rent community with 276 homes. This project is part of the Painted Tree master-planned community, located 40 miles north of Dallas, an area with rapid growth and proximity to major retailers and employers. The neighborhood will feature amenities such as a leasing center, fitness center, and a swimming pool. Groundbreaking is set for November, with completion expected by mid-2023. This marks a strategic expansion for Avanta, enhancing its position in the single-family rental market.

Positive

• Acquisition of 27 acres for development aligns with business strategy.
• Development of a community with 276 homes enhances rental portfolio.
• Strategic location in a rapidly growing area attracts potential renters.

Negative

• None.

DENVER, Aug. 19, 2021 /PRNewswire/ -- Avanta Residential, the single-family rental affiliate of Hunt Companies Inc., announced today that the firm has successfully closed on the purchase of 27 acres of land within the Painted Tree master-planned community in McKinney, Texas.  Avanta purchased the site to develop a build-to-rent neighborhood. The Painted Tree master-planned community is located in a rapidly growing area 40 miles north of Dallas. 

The single-family rental community will consist of 276 homes and townhomes. 

The Avanta community will include a leasing center, club room, fitness center, covered outdoor great room, yoga lawn, and swimming pool with poolside cabanas.  Residents will also enjoy green space, pocket parks, and electric car charging stations.

"With this acquisition, Avanta continues its focus to work with best in class master-planned community developers and top tier land developers in the U.S.," said Avanta President Jim Dobbie.  "This newest neighborhood is within the Painted Tree development in McKinney and fits a formula that is in the center of the bullseye for our business plan."

The Painted Tree master-planned community is located in a rapidly growing area 40 miles north of Dallas.  In addition to being located merely 2 miles from historic downtown McKinney, numerous national retailers are located nearby, including Lowes, Home Depot, Sam's Club, Walmart, and Kroger.  Major employers include Raytheon, Space and Airborne Facility.  Encore Wire Corporation is headquartered in McKinney.  Baylor Scott & White Medical Center McKinney and Baylor Primary Care McKinney are located south of the property.

"We're excited to have Avanta as part of the Painted Tree Master Plan," says Tom Woliver, Co-President at Oxland Group, "Avanta brings a well-designed program that aligns with the Painted Tree vision of providing a wide range of housing options and a high level of amenities that today's consumer is demanding."

Walker & Dunlop arranged the equity financing for the transaction.

Avanta, headquartered in Denver, was formed in 2020 to respond to the increasingly popular purpose-built single-family rental industry.  Avanta is continuing to add to its already experienced team to execute on its development pipeline.

In November, Avanta will break ground at Painted Tree and deliver the homes for rent in mid 2023. 

About Avanta
Avanta Residential is the single-family rental division of Hunt Companies, Inc. (Hunt).  Drawing on Hunt's extensive real estate background and more than $8.5 billion in completed real estate developments, Avanta is positioned to set the standard for the industry by creating neighborhoods comprised of single-family homes for lease.  For more information, www.avantaresidential.com.

About Oxland Group
Oxland Group is a full-service real estate development and investment firm that handles every facet of work with principal-level expertise. Decades of experience in residential development and land acquisitions inform Oxland's well-honed approach to capital investment and community building in Texas. The company is funded by JEN Partners, LLC, a New York-based private equity firm whose primary investment platform is residential real estate.  Learn more at www.oxlandgroup.com.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.

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SOURCE Avanta Residential

FAQ

What is the significance of Avanta's acquisition of land in McKinney, Texas?

Avanta's acquisition of 27 acres in McKinney is significant as it allows the development of 276 rental homes in a fast-growing area, which can enhance the company's rental portfolio.

When will Avanta begin construction on the new rental homes?

Avanta is set to break ground on the new rental homes in November 2021.

How many homes will be developed in the Painted Tree community?

The Painted Tree community will consist of 276 homes and townhomes.

What amenities will be included in Avanta's new rental community?

The new rental community will include a leasing center, fitness center, swimming pool, and green spaces.

What is Walker & Dunlop's role in Avanta's land acquisition?

Walker & Dunlop arranged the equity financing for Avanta's acquisition of the land in McKinney.