Avanta Residential announced that the firm closed the construction financing for its Painted Tree build-for-rent project with J.P. Morgan. This marks Avanta’s second project under the Avanta brand in Texas and J.P. Morgan’s first financing in the single-family Build-for-Rent sector.
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The single-family rental community will consist of 276 homes and townhomes and will include a leasing center, clubhouse, fitness center, covered outdoor great room, yoga lawn, and swimming pool with poolside cabanas. Residents will also enjoy green space, pocket parks, and electric car charging stations.
“We are thrilled to partner with J.P. Morgan, the largest Bank in the United States, to finance this project. It is truly an honor for Avanta to become J.P. Morgan’s first build-for-rent client and a credit to the Avanta team,” said Peter Spier, Avanta’s Managing Director.
The Painted Tree master-planned community is located in a rapidly growing area 40 miles north of Dallas. In addition to being located merely two miles from historic downtown McKinney, numerous national retailers are located nearby, including Lowes, Home Depot, Sam’s Club, Walmart, and Kroger. Major employers include Raytheon, Space and Airborne Facility. Encore Wire Corporation is headquartered in McKinney. Baylor Scott & White Medical Center McKinney and Baylor Primary Care McKinney are located south of the property.
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“J.P. Morgan is proud to support Avanta with the development of this single-family rental community,” said Brent Houston, J.P. Morgan Real Estate Banking Executive Director. “We’re delighted to work with industry leaders in their effort to fill an unmet need for housing while offering amenities with the potential to enhance the wellness of the residents.”
Avanta, headquartered in Denver, was formed in 2020 to respond to the increasingly popular purpose-built single-family rental industry. Avanta is continuing to add to its already experienced team to execute on its development pipeline.
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