This marks the first project for the company’s newly launched single-family rental platform. Embrey’s single-family rental program will consist of one- and two-story homes within a rental community with best-in-class amenities and professional property management. Embrey’s plan includes 126 duplex-style homes, with 252 units.
The deal was financed by PlainsCapital Bank, one of the largest banks in Texas, based in Dallas.
Gruene, a historic area of New Braunfels, sits just off the I-35 corridor between Austin and San Antonio, Texas, in the second-fastest growing market in the U.S. according to the U.S. Census Bureau. “The single-family rental living experience is highly desired by today’s discretionary renter,” noted Jeremy Williams, Senior Vice President of Development for Embrey.
The unique community will feature granite countertops; stainless steel kitchen appliances; washers and dryers; private driveways; fenced yards and attached garages with EV car charging outlets. Built-in desks and walk-in showers are available in select units.
Resident-accessible amenities include a private community clubhouse with a media room; a fitness center and a resort-style pool with sun decks, cabanas, and shade trellis lounge areas; outdoor grilling, fireplace and dining areas.
Club and first-units are expected to be available first quarter of 2023. Construction of all units is expected to be completed by early 2024.