Wan Bridge plans to build the company’s first build-to-rent (BTR) community called “Georgetown Heights” in the Central Texas suburbs over the next five years after noticing a population growth in the state.
These homes are for families as renters at Wan Bridge are starting families of their own, the Houston Business Journal reported.
“We selected Georgetown as our next development destination not only for the proximity to Austin, but also as a desirable location itself, offering a great place for business and growing families to live, work and play,” Ting Qiao, CEO and co-founder of Wan Bridge, said in a release. “Bringing a BTR community to Georgetown is the next step in our journey to transform residential living across the state by offering another high-quality option for Texas residents.”
Georgetown Heights are on 512 Northwood Dr. in Georgetown, a release said.
“We have been looking for investors to help us build on the success we have found in the build-to-rent space,” Qiao told the Houston Business Journal. “At the same time, investors have been looking for a new class of investment in the housing market. Wall Street has started to recognize the future of this space as an investment class.”
Qiao didn't divulge the cost of the investment nor who the investor was, instead stating it was in the billions.
Georgetown Heights is part of the company's plan to break ground on up to 30 new BTR communities in the Houston, Dallas and Austin suburbs within the next year.
According to Qiao, the company is capable of building 30,000 homes in 50 Texas markets over the next half-decade.