Great Gulf Group Acquires New Communities for Build-to-Rent Homes in San Antonio, Austin and Houston from Forestar Group, Inc.

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May 03, 2022, 06:45 ET

TORONTO, May 3, 2022 /PRNewswire/ - Great Gulf Group (Great Gulf), together with its partners Westdale Properties and a large Canadian institutional investor, has acquired 787 residential lots across seven master-planned communities in San Antonio, Austin and Houston, TX, from Forestar Group, Inc. (Forestar) to build, own, and operate dedicated single-family rental homes.

"This acquisition provides an excellent entry point into the Houston and Austin markets while increasing Great Gulf's operational scale across our Texas portfolio. Based on demographic trends and customer preference, we believe the demand for professionally managed rental housing is undersupplied," said Aole Ansari, Chief Operating Officer, Great Gulf Build-to-Rent. "Land development and construction activities are underway, and we expect to begin home deliveries to residents in late 2023. We look forward to future investment opportunities and strengthening our relationship with Forestar."

Daniel Bartok, Chief Executive Officer of Forestar, said, "These sites provide an excellent opportunity to include purpose-built single-family rental housing for consumers interested in living in these communities. We are very pleased to bring Great Gulf into our builder program to fulfill the growing demand for this housing option and look forward to growing our relationship."

Great Gulf's investment strategy is primarily focused on US Sun Belt states, whose high population growth is driven by strong job growth, low tax and regulatory burdens, affordable housing, low unemployment, and warmer climates. Together with existing projects in Tampa, FL, Charleston, SC, San Antonio, TX and Dallas, TX, Great Gulf's build-to-rent portfolio is approaching 2,000 lots and homes within one year of operation.

About Great Gulf Group

The Great Gulf Group was established in 1975 and has become one of North America's leading real estate organizations with fully integrated activities that span the entire real estate spectrum. Through its various platforms including Ashton Woods and First Gulf, the Great Gulf Group develops, constructs and manages residential and commercial real estate across 18 cities and employs over 1,500 people in North America. The Great Gulf Group has developed over 80,000 residences and 30 million square feet of commercial real estate over its 45-year history. Please visit www.greatgulf.com.

About Westdale

Westdale has owned, managed and developed real estate across North America for over 60 years. Westdale's Canadian portfolio includes approximately 7000 residential units and over 2.5 million square feet of retail, commercial and industrial spaces. In the US, Westdale owns and manages approximately 35,000 residential units in 150 properties and 30 cities, as well as 3 million square feet of retail and commercial space. Please visit www.westdale.com.

SOURCE Great Gulf Group