Ascendant Development, a Houston-based multifamily real estate development and construction firm, has broken ground on Preserve at HW6, a 320-unit, single-family build-to-rent community in Fresno, Texas. Preleasing is expected to begin in fall 2024 for the BTR property in the greater Houston area.
Located at 11923 State Highway 6 in Fresno, Preserve at HW6 will have one-story, detached single-family homes ranging in size from one-bedroom residences with 763 square feet to three-bedrooms with 1,388 square feet. Each home will feature luxury vinyl plank flooring, energy-efficient LED lighting, granite countertops, modern backsplashes, under-mount sinks and energy-efficient appliances. The residences will have property-wide Wi-Fi and smart unit technology. Detached garages will also be offered at the site.
Community amenities will include an expansive clubhouse with a gourmet kitchen, fitness center with yoga and spin room, game room and club room. Outdoor features will include a resort-style saltwater pool, central park for residents and dog park. Entertainment, shopping and dining options are available within minutes of the community, according to Richard Owen, principal & co-founder.
Growing portfolio
Owen said in a prepared statement the Preserve at HW6 is an example of Ascendant’s strategy to tailor its developments to the demands of the particular submarket. Pointing to the high barriers to entry in the Missouri City/Sienna Plantation area, Owen said they believe Preserve at HW6 will be a successful addition to the firm’s growing build-to-rent portfolio.
David Kulkarni and Owen formed Ascendant Development last year to focus on development of Class A luxury multifamily communities throughout the United States. The firm is focusing on high-growth areas with strong organic fundamentals including Houston, Dallas and Austin in Texas as well as Phoenix; Nashville, Tenn.; and Las Vegas, Nev.
The two principals have an extensive track record in commercial real estate and have developed more than 4,500 units and $1 billion in real estate value in the multifamily sector including luxury Class A multifamily and student housing properties. Currently, Ascendant has a pipeline of more than 3,600 units in various stages of development and is actively seeking additional development and partnership opportunities. In December, Ascendant began construction of Haven at Treeline, a 231-unit, luxury garden-style apartment community in Tomball, Texas. Located in Harris County, Tomball is also in the greater Houston metro. The property, which will have seven three-story garden-style buildings, is expected to begin preleasing in summer 2024. Haven at Treeline will also have a modern clubhouse, resort-style pool and outdoor amenity suite.
