Ascendant Development has completed Preserve at Woodbridge, a 131-unit single-family rental community in Kingwood, Texas, in the Houston metro area. Yardi Matrix data shows that the developer took out a $21.2 million loan from Moody National Bank in 2021 to finance the construction of the project.
Preserve at Woodbridge comprises one, two- and three-bedroom floorplans ranging from 668 to 1,255 square feet. Homes feature 10-foot ceilings, in-unit washers and dryers, walk-in closets and ceiling fans, along with private patios and back yards. Community amenities include a clubhouse, saltwater pool, fitness center, yoga studio, internet café and a dog park.
Located at 4520 Woodridge Parkway, the community is close to Interstate 69 and roughly 26 miles north of Houston. Preserve at Woodbridge is some 11 miles from George Bush Intercontinental Airport, and less than 4 miles from the HCA Houston Healthcare Kingwood general hospital.
Leasing at the project began this summer, with more than 55 percent of the units already preleased, according to prepared remarks from Ascendant Development Principal Richard Owen.
The developer is also working on a single-family rental project in Fresno, Texas. Ascendant broke ground on the 320-unit Preserve at HW6 south of Houston at the beginning of the year.
In the first half of the year, the SFR sector showed signs of softening in the metro, with average asking rents declining 2.8 percent year-over-year as of May, to $1,975, according to a Yardi Matrix report. Occupancy also decreased by 2 percent to 94.4 percent over the 12 months ending in April, the same source shows.
