Multifamily real estate development firm Welker Properties plans to bring hundreds of Class A housing units to Collin County, Texas, with the development of Wolf Creek Farms Melissa Build-To-Rent. The $94 million, 340-unit project will be located in Melissa, Texas.
“It was a long process with two big hurdles,” Andrew Welker, founder and CEO of Welker Properties, told Multi-Housing News. “The first was getting the zoning approved for this product type. It’s a 32-acre parcel and I had to assemble two tracks of land. It took almost a year and a half to work back and forth with the city to finalize zoning. The City of Melissa is pro-growth, but doesn’t open its doors to any developer or project.”
After landing zoning approval toward the end of last year, Welker faced another obstacle. “The capital markets screeched to a half, interest rates were doubling and that was the next hurdle,” he said. “But then construction costs started coming down, and while other developers were forced to put their projects on hold, we were able to assemble our partners. We believe fortune favors the bold. We’ll break ground in November. We are being rewarded for taking the risk now.”
Well situated
Wolf Creek Farms Melissa will offer one- to three-bedroom configurations with one and two-car garages, as well as cottage-style homes with the option to rent a detached garage. Private yards and Wifi will be provided in all units. A community garden is among the amenities at the development. The gated community will be situated between Interstate 75 and Sam Rayburn Tollway. Public schools and several retailers are located nearby.
Welker Properties will begin construction in the fall of 2023 and anticipates completion by the end of 2025. Earlier this month, developer Empire Group landed $89 million to develop a 354-unit BTR community in Phoenix, Ariz.
