A new community of 46 professionally managed built-to-rent homes has opened in Arlington.
Called Tricon Viridian, the development sits within the larger master-planned community of Viridian, a 2,500-acre mixed-use community, and is a project of Tricon Residential Inc., a Blackstone Real Estate company.
Tricon Residential said the community is part of its efforts to expand access to high-quality single-family living where the monthly cost of owning a home in a comparable neighborhood is 40% higher. The company said the opening of Tricon Viridian brings the total number of build-to-rent homes delivered or in development by Tricon in the state to almost 1,100 homes.
“Cities like Arlington are experiencing rapid growth as families move in search of new opportunities. As the region enjoys economic and population growth, Tricon is proud to help meet the demand for housing with this thoughtfully planned community of high-quality single-family rental homes. Tricon Viridian offers families the space and privacy of a detached home, along with access to outstanding amenities, excellent-rated schools and strong employment centers — all without the financial burden of traditional homeownership,” Andy Carmody, Tricon senior managing director and chief sustainability officer, said.
Tricon said that at a time when homeownership is increasingly out of reach and the nation faces a shortage of 4 million to 5 million homes, Tricon Viridian will deliver new single-family homes in a great neighborhood, with easy access to excellent schools, job centers and essential community resources at an accessible price point.
Tricon said the new homes feature:
- Modern farmhouse-inspired design.
- Spacious three- and four-bedroom layouts.
- Two-car garages and fully fenced backyards.
- Granite countertops, stainless steel appliances and luxury vinyl flooring.
- Less than 5 miles from excellent local elementary, junior high and high schools.
- Access to Viridian master-planned community amenities and events.
“Arlington welcomes Tricon Residential as they address the urgent need for more housing options in our community,” Arlington Mayor Jim Ross said. “Tricon Viridian supports economic growth in our area by enabling families to access professionally managed homes, great schools and job opportunities. We’re thrilled to add this much-needed high-quality housing in our fast-growing city.”
David O’Neill, managing director at Blackstone Real Estate, said the community will offer new opportunities for homebuyers.
“Blackstone and Tricon are thrilled to add thousands of high-quality and professionally managed homes in Texas and across America, enhancing and expanding housing supply and providing families with access to the housing options at rents meaningfully below the monthly cost of homeownership. Tricon Viridian and other communities in our development pipeline make single-family living more attainable for people across the state and country,” he said.
Blackstone invested $15 million to make the community a reality. Tricon Viridian is being developed in partnership with HHS Residential and Johnson Development.
“HHS Residential is proud to work with Tricon to bring Tricon Viridian to Arlington,” said Matt McGhee, vice president at HHS Residential. “This thoughtfully designed community meets the critical need for housing in the Dallas-Fort Worth area while allowing families to unlock the benefits of single-family living without the financial barriers of traditional homeownership. We’re proud to bring more housing options to a high-demand community.”
Lance Murray is a freelance contributor covering business for the Arlington Report.
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