Keller - Roanoke - Northeast Fort Worth | July 2023

CONTINUED FROM 1

Buy?

LEASE OR

BUYING There are several pros and cons to consider when looking to either lease or buy a home.

These are three build-to-rent communities in the Greater Fort Worth area. This list is not comprehensive.

LEASING

Pros

Landlord is responsible for repairs

Building equity

Lower monthly payments than a mortgage

Tax bene ts

Long-term stability

Cons

1 LITSEY CREEK COTTAGES MARK FADDENCOMMUNITY IMPACT Floor plans:

114

1-, 2- and 3-bedroom units

Rent increases

Must follow rules of the lease

High upfront cost

Owner is responsible for repairs

Property taxes & other costs

114

35W

Price range: $1,950-$2,975

SOURCE: REALTOR JENNIFER LUUCOMMUNITY IMPACT

377

Website: www.litseycreekcottages.com

build-to-rent communities that oer similar oor plans and amenities to traditional single-family homes for purchase. BB Living partnered with Hillwood Communities—the devel- oper behind Alliance Texas, a 27,000- acre master-planned community—to develop the build-to-rent concept in Harvest, another master-planned community just to the north of Fort Worth in neighboring Argyle. Denise Rodriguez, the property manager at Litsey Creek Cottages, listed several of the characteris- tics that make the type of build- to-rent homes available at Litsey Creek dierent from typical rental apartments. “No wall is shared; [there is a] pri- vate attached garage at each home [and a] private yard at each home,” Rodriguez said. “Management han- dles all aspects of valet trash, pest control and landscaping.” Rodriguez added the community, located at 15101 Litsey Creek Drive, has a total of 396 homes spread out over 66 acres. Homes at Litsey Creek Cottages come with a full package of

that it drew the inventory down fairly low—below a six-month supply— which is considered equilibrium in the housing industry,” Wilson said. Then COVID-19 hit, which further strained the housing supply. “Low inventory got even lower, so the question for rms like Black- stone and Goldman Sachs became, ‘How can we continue to buy [rental homes]?’” Wilson said. He said the answer came from Ari- zona, where build-to-rent communi- ties began. These developments oer a variety of housing types from true single-family homes to townhomes to duplexes. Wilson said big investment rms invest in these developments because from a management per- spective, it’s easier to manage a sin- gle development of all rental homes rather than buying rentals one by one that are scattered throughout various neighborhoods. Rental homes come to Fort Worth Litsey Creek Cottages and Sky- line Prairie Homes—both located in Northeast Fort Worth—are two

183

820

2 SKYLINE PRAIRIE HOMES COURTESY SKYLINE PRAIRIE HOMES Floor plans:

3 BB LIVING HARVEST COURTESY BB LIVING HARVEST Floor plans:

1-, 2- and 3-bedroom units

3- and 4-bedroom units

Price range: $2,684-$3,325

Price range: $1,724-$2,517

Website: www.bbliving.com

Website: www.skylineprairiehomes.com

mortgage meltdown that caused the 2008 Great Recession and then there was the COVID-19 pandemic. “There were lots of nished [homes] and lots of foreclosures on that inventory [in 2008],” Wilson said. He added institutional investors,

such as Blackstone and Goldman Sachs, bought these homes on a wholesale basis—which means they bought them in bulk at discounted prices—with the goal to turn them into rental properties. “They bought up so much supply

Refacing / Redooring / Custom Cabinets Original Tune-Up / Cabinet Painting 817.907.9715 / kitchentuneup.com Beautifully Up dated. Effortlessly Up scale. Refacing & Redooring Cabinet Painting / Custom Cabinets Countertops / 1 Day Tune-Up Say Hello To Your Dream Kitchen Lori & Corby Walker, Local Owners Kitchen Tune-Up Grapevine, TX 817.907.9715 / Kitchentuneup.com BEFORE

kitchen tune

• up

Update. Upgrade. Uplift.

AFTER

COMMUNITYIMPACT.COM