Great Gulf Group, together with Westdale Properties and a Canadian institutional investor, acquired 787 residential lots across seven master-planned communities in San Antonio, Austin, and Houston from Forestar Group to build, own, and operate single-family rental homes.
“This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf’s operational scale across our Texas portfolio,” says Aole Ansari, chief operating officer of Great Gulf Build-to-Rent. “Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied. Land development and construction activities are underway, and we expect to begin home deliveries to residents in late 2023. We look forward to future investment opportunities and strengthening our relationship with Forestar.”
Daniel Bartok, CEO of Forestar, says the acquired sites provide an “excellent opportunity to include purpose-built single-family rental housing for consumers interested in living in these communities.”
Great Gulf’s investment strategy is primarily focused on U.S. Sun Belt states. With existing projects in Tampa, Florida, Charleston, South Carolina, San Antonio, Texas, and Dallas, Great Gulf’s build-to-rent portfolio is approaching 2,000 lots and homes within one year of operation.
