RangeWater Real Estate is expanding in Texas with the purchase of a 23-acre property near the Texas Motor Speedway in Fort Worth, a spokesperson tells What Now Dallas.
The multifamily real estate firm has broken ground in the Beechwood neighborhood with two product types: Palo, a 120-unit townhome community as part of its Storia build-to-rent (BTR) home portfolio, and Ellianna, a 325-unit apartment community.
RangeWater’s Storia division is deploying capital across the Sunbelt to build homes for rent. The firm launched its first Storia property in Atlanta and has since expanded into San Antonio and Boulder.
Palo and Ellianna are in a fast-growing corridor in North Fort Worth, adjacent to 40 acres of retail, restaurants, and entertainment in addition to the Alliance Airport, The Golf Club at Champions Circle, Tanger Outlets, Texas Motor Speedway and Alliance Town Center. The new Charles Schwab and Fidelity headquarters both are nearby and downtown Fort Worth is less than 20 miles south on Interstate 35.
“Fort Worth is exploding with job opportunities as more businesses open shop, causing a spike in demand for quality housing,” Nick Wilhelmson, Managing Director of the Southwest region office for RangeWater, said in a press release. “Our offering of both townhomes (Palo) and apartments (Ellianna) ensure we’re strategically positioned to serve the city’s growing population.”
Privately-owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio.
The company is growing across the Sunbelt, with a strong focus on the Southwest. The company has teams in Texas and Colorado leading development and property management. Projects are underway across Texas, Colorado, Arizona and Utah.
“This is our first development in Fort Worth and sixth in the state of Texas,” Steven Shores, Chairman and CEO of RangeWater, said. “Our team’s collective efforts to strategically grow in the Sunbelt is commendable, and we look forward to more development, acquisition and property management assignment announcements in the near future.”
As part of the Storia division, Palo will have 120 townhomes, all with 3-bedroom, 2.5 bath floor plans and each with private patios and outdoor grilling space. A separate pool will serve the neighborhood.
Ellianna’s 325 apartment units will come in a range of one-, two-, and three-bedroom floorplans, and will have their own amenities. Key attractions include a dog park, outdoor kitchen and grilling area, separate community pool, clubhouse, fitness center and onsite activity director.
RangeWater is expected to begin construction on Palo and Ellianna in June 2022, with plans to deliver the first units in the third quarter of 2023.