The new 12-acre development sits adjacent to Everbloom, the company’s existing 343-unit build-to-rent community at 4515 Bluebonnet Lane. While the firm successfully navigated difficult capital markets to launch Everbloom in 2024, founder Andrew Welker noted that the current garden-style sector requires a more patient strategy. With multifamily permitting across major Texas metros dropping by more than 50% since its 2023 peak, the company is prioritizing timing over immediate expansion.
W Properties Plans 252-Unit Melissa Expansion for 2029 Market Cycle
Anticipating a shift in North Texas housing dynamics, developer W Properties is preparing a 252-unit garden-style apartment project in Melissa. By scheduling a mid-2027 construction start, the firm aims to deliver the community during the 2029 leasing season, betting on a recovery from current regional supply gluts.
Welker emphasized that the firm’s disciplined approach aims to avoid chasing market trends, instead positioning assets to capitalize on what he views as a 2027 development window. This strategic move mirrors the company's current planning in Cape Coral, Florida, where 550 units are currently in development. By focusing on the 2029 horizon, W Properties expects the current pressure of elevated supply and concessions in North Texas to subside, allowing the new community to offer a distinct rental option within the corridor.
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