(Disclosure: Rose Law Group represents Empire Group.)
Scottsdale, Ariz. – Empire Group of Companies is bringing its Village concept of build-for-rent communities to Texas and Colorado. The Scottsdale-based developer recently purchased three parcels of land outside of Arizona for a combined $36.5 million. The company closed on its first out-of-state land purchase for a build-for-rent community in Fort Worth, Texas. Empire Group has two more deals in the works – one in Hutto, Texas and the other in Colorado Springs, Colorado. The company is expected to begin construction on the three projects in Q1 of 2023.
“Empire Group successfully developed its Village brand of build-for-rent communities in Arizona, and we recognize there’s demand for single-family rental homes in other growing cities,” explains Geoffrey Jacobs, partner at Empire Group of Companies. “It’s about providing options for people that may not be ready to buy and may be looking for the security, ease and amenities our gated rental home communities deliver.”
Empire Group closed on 48-acres in Fort Worth for $16 million. The developer plans to take 30-acres to build Village at Golden Triangle, a gated community of 323 build-for-rent homes plus amenities and to sell the remaining 18-acres zoned for commercial office and retail use. The site is located off North Riverside Drive and Golden Triangle Boulevard. Brandon Crow and Warren Smith of Edge Realty Partners represented the Empire Group in the purchase of the 48-acre parcel.
In Hutto, Texas the developer secured 30.6-acres just a half hour north of Austin. Village at Hutto Station will be situated east of Texas State Highway 130 and north of County Road 138. Empire Group is approved to begin construction on the 276 build-for-rent community in early 2023. The $11 million transaction was handled by Josh Cameron and Hal Guggolz of Land Advisors Organization.
