TORONTO—Toronto-based Great Gulf Group has announced it is part of a partnership that has acquired 787 residential lots across seven master-planned communities in the Texas cities of San Antonio, Austin and Houston from Forestar Group to build, own and operate dedicated single-family rental homes.
Great Gulf is partnering with Toronto’s Westdale Properties and a Canadian institutional investor on the projects, stated a release.
The firm’s U.S. investment strategy is primarily focused on Sun Belt states, given their high population growth, strong job growth, low tax and regulatory burdens, affordable housing, low unemployment and warmer climate, the developer stated. Great Gulf has existing build-to-rent projects in Tampa, Charleston, S.C., Dallas and San Antonio, with almost 2,000 lots and homes in development.
“This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf’s operational scale across our Texas portfolio. Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied,” stated Aole Ansari, COO of Great Gulf Build-to-Rent, in a statement.