The Chicago company plans to introduce three build-to-rent communities in Frisco, Fort Worth and Rowlett in preparation for the first pre-lease launch in the Collin County community of Princeton in March.
Core Spaces, a residential real estate developer, owner and operator, broke ground in 2023 on Oxenfree at Princeton, Dallas-Fort Worth's first rental community. The community has 408 two- to four-unit rental single-family homes and townhomes. Bedroom floor plan along FM 982 approximately 2.5 miles south of US 380.
The company is currently expanding its North Texas property portfolio, with plans to deliver its first homes in the spring of 2025 at the 158-unit Oxenfree in Rowlett and the 323-unit Oxenfree in West Oak. The community of Rowlett is located nearby on Merritt Road. Home to President George Bush's Turnpike, the Fort Worth community is located along Academy Boulevard near White Settlement Road.
Next, Oxenfree at Stonebriar in Frisco will begin selling rental homes in summer 2025. The 95-unit townhome community is located at Ohio Drive and Warren Parkway.
Core Spaces is developing nearly 4,000 homes, with the majority of its pipeline located in D-FW, Denver, Nashville, Austin, Charlotte and the Florida Gulf Coast. The company, which initially focused on student housing when it was founded in 2010, has received backing from companies including alternative asset manager Blue Owl and a joint venture partnership with investment manager Harrison Street.
Standing out in the North Texas build-to-rent market is becoming increasingly difficult. The region has a pipeline of approximately 8,000 rental homes scheduled for development over the next few years.
Investors and home builders flocked to the area due to steady demand from a growing population and relatively affordable prices. Competition for rental housing space is currently intensifying as the residential real estate market faces a challenging interest rate environment and a crowded market.
The need to lease these large pre-built properties can create opportunities for lessors, with companies offering concessions to attract tenants and being overly aggressive with existing lessors. They are hesitant to raise the rent.
