Landmark Properties Announces Construction Start for Second Build-to-Rent Neighborhood in Spring, TX
The Everstead at Windrose Scheduled for 2024 Delivery
ATHENS, Ga. (October 5, 2022) – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the second groundbreaking from its new “build-to-rent” division focused on single-family rental home neighborhoods. Construction is scheduled to begin in October at The Everstead at Windrose in Spring, Texas. The project will be pursued in a partnership with Principal Real Estate Investors.
“Landmark is excited to kick off our partnership with Principal, and we look forward to developing a first-class neighborhood with The Everstead at Windrose,” said President and CEO of Landmark Properties, Wes Rogers. “With nearly 30 BTR projects in the pipeline, our fully-integrated platform is well-positioned to quickly expand our single-family rental portfolio despite the distress in capital markets.”
The Everstead at Windrose, located at 7801 Farm to Market 2920 in Spring, Texas, will add 194 townhouses, single-family homes, and cottage-style homes to the Houston area’s rental offerings. The gated community will provide residents access to high-quality, shared amenities, including a resort-style swimming pool, fitness center, playground, grilling area, dog park, hammock garden, Bocce Ball court, and coffee bar. There will be on-site parking with several spaces dedicated to guests. The development will incorporate sustainable features and is expected to achieve the National Green Building Standard Bronze Certification.
The homes will include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom, and a backyard with private patio. Some units will feature 10-foot ceilings and an attached garage or storage room. Situated in the north Houston suburb of Spring, The Everstead at Windrose provides residents proximity to several retail and entertainment areas, including The Woodlands, Tall Pines Amphitheater, Market Street, and the Woodland’s Children’s Museum. The community is expected to be completed in 2024.
“The neighborhood where The Everstead at Windrose is being developed is near a master planned community with single-family homes, award-winning schools, and attractive retail amenities,” said Blair Sweeney, Managing Director of Development for Landmark’s build-to-rent division. “We are excited to provide residents and their families an opportunity to live in a single-family style home in a compelling location while enjoying amenities and service typical of a condominium community.”
“This project fits our strategy of providing a high-quality housing solution at a reasonable cost to individuals and families desiring the benefits of a single-family home experience with the financial flexibility of being a renter,” said Jim Halliwell, Managing Director, real estate, Principal Global Investors. “We are delighted to partner with Landmark who shares our vision of creating aesthetically pleasing communities and curating a top-tier customer experience, in conjunction with a commitment to sustainability.”
Landmark’s build-to-rent division was established in 2021 and will bring more single-family homes on the market to meet current demand across the country. Landmark Construction serves as general contractor for this development project.
TSB Capital Advisors arranged financing for the project. To learn more about Landmark’s build-to-rent division, visit landmarkproperties.com.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development, and management of high-quality residential communities. With more than $10 billion assets under management, Landmark’s portfolio includes nearly 100 residential communities across the country with more than 60,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 21 student and multifamily projects under construction with an estimated value at $3.7 billion. Landmark’s mission is to be the leader in development, construction, operations, and investment management of high-quality residential communities, delivering unrivaled service and experience to our residents, partners, and employees. For more information, visit www.landmarkproperties.com.
About Principal Real Estate
Principal Real Estate is the dedicated real estate investment team within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. As a top 10 global real estate manager1 Principal Real Estate has more than 60 years of real estate investment experience2. The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $100 billion in commercial real estate assets (as of June 30, 2022).
1 Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. “The Largest Real Estate Investment Managers,” Pensions & Investments, 4 October 2021.
2 Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Real Estate Investors.
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