AUSTIN, TX – Banyan Residential, a Los Angeles-based private real estate investment firm, announces the acquisition of 34.4 acres of land in Pflugerville, Texas to develop its third single-family rental community. Developed in partnership with Bridge Investment Group, the community will feature 230 single-family rental homes, as well as a swimming pool, fitness center and common green space. The team acquired the property in December 2021 and will begin construction in the fall of 2022.
“We have a significant opportunity to meet the growing demand for single-family rental homes by building additional housing near several rapidly expanding employment hubs in one of the fastest growing metropolitan areas in the United States” , said Ryan Seeley, vice president of Banyan. Residential.
Located at 2601 Crystal Bend Drive, the community is within a 10-minute drive of Tech Ridge and the Parmer Center, home to notable employers including Dell, General Motors, Home Depot, Facebook, 3M, Blue Apron, as well as Samsung. Austin Semiconductor and Amazon’s planned 4.8 million square foot development known as “Project Charm”. The development is also near the 133-acre Apple campus, the new billion-dollar Tesla Gigafactory and 11.5 million square feet of office space in Austin’s central business district.
“We are delighted to add this development to the growing number of single-family rental home communities in our portfolio,” added Nick Gonzalves, Director of Bridge Investment Group. “We look forward to delivering another best-in-class rental building community that offers residents a more unique living experience than traditional apartment buildings.”
This is Banyan’s third single-family rental project in Texas. The team is currently leasing Banyan Kingsland Heights near Houston, which consists of 96 homes and community amenities, and will begin leasing Banyan Bunton Creek in Kyle, Texas in the spring of 2022, which will include 163 homes upon completion.
For more information, please visit Banyan Residential at www.banyanresidential.