[Open House Group Co., Ltd.] Started development of a rental apartment community near Fort Worth, Texas, USA
*View in browser* *Open House Group Co., Ltd.*
Press release: June 11, 2024
**
Commenced development of a rental apartment community near Fort Worth, Texas, U.S.A.
*Second project in the suburbs of Dallas-Fort Worth, one of the largest metropolitan areas in the United States*
Open House Group Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and Representative Director: Masaaki Arai; hereinafter referred to as the “Company”) is a subsidiary of Open House Realty, a U.S.
subsidiary.
& Investments, Inc.
is pleased to announce that it will develop a rental apartment community in Haltom City, near Fort Worth, Texas, USA. Our company is the American developer Alpine
Start Development, LLC (Headquarters: Dallas, Texas; Managing Partner: David Eitches and Zachary
We will invest in this development as a joint development with Gensior (hereinafter referred to as “ASD”).
This property is a 3-story multi-family apartment building (10 buildings) constructed with wooden frame walls, with a total of 296 units, and is scheduled to have common facilities such as a clubhouse with various amenities (fitness center, barbecue area, lounge space, etc.) and a pool. . Construction of this development is scheduled to begin in May 2024, with completion scheduled for February 2026. * Area characteristics *
The development site is located in Haltom City, north of Fort Worth, Texas. It takes about 10 minutes to get to downtown Fort Worth by car, about 20 minutes to Dallas-Fort Worth International Airport, and about 30 minutes to downtown Dallas, making it ideal for housing with excellent transportation convenience. This is a high area.
Texas, which has the second largest population in the United States after California, has no corporate or personal income tax, and many major global companies (TOYOTA North American headquarters, American Airlines, AT&T, ExxonMobil, Tesla, etc.) The company has relocated its headquarters to the same state, and Dallas has been ranked “the second best city for business in the United States” by Forbes magazine. Due to these trends, the influx of companies and population growth continue, and the population of the Dallas-Fort Worth metropolitan area will exceed 8.1 million in 2023, making it the metropolitan area with the highest population growth in the United States from 2022 to 2023. (7,947,439 people in 2022, 2023
8,100,037 people) *2. As the city continues to develop and the population is expected to increase, demand for housing is expected to become even stronger.
Additionally, in addition to the four major American sports (American football, baseball, basketball, and hockey), there is also a professional soccer league team in the area, and development near the stadium is progressing, which is a factor pushing up real estate prices. .
Characteristics of the property
The development will have a total of 296 units (1B, 2B, or 3B) on a site of approximately 15.95 acres (64,547 square meters).
Room multi-family apartment), building area 374,858sqft.(34,825sqm ) We are planning to develop a rental apartment community.
The community will include a clubhouse with a fitness center, lounge space, co-working space, etc., a pool, barbecue area, dog run, and other common facilities, providing a comfortable living space. In addition, there are many commercial facilities such as supermarkets and restaurants in the vicinity, and there is excellent access to expressways, making it possible to develop a residential community that also offers convenient living.
In addition, in the United States, where interest rates remain high on mortgages, there is a discrepancy in the monthly expenditures for housing when purchasing a new home and renting a new home (in the case of purchasing a new home, the amount of monthly expenditure on a home compared to renting a new home differs). The related expenditure amount will be approximately 1.5 times higher) *3, and demand for rental properties is expected to continue in the future.
This development is the second collaborative project with ASD, following the development of a residential community near Dallas (in which we invested in May 2023).
*1 Ranking of “Business-friendly Cities” by Forbes Magazine: https://www.forbes.com/best-places-for-business/list/
*2 Announced by U.S. Census Census:
https://www.census.gov/newsroom/press-releases/2024/population-estimates-more-counties-population-gains-2023.html *3 December 11, 2023 Forbes ADVISOR:
https://www.forbes.com/advisor/mortgages/rent-or-buy-home-mortgage/
* Surrounding map *
*4 Our first project for residential community development in the DFW (Dallas-Fort Worth) metropolitan area
* Conceptual image of completion (exterior) *
* Conceptual image of completion (clubhouse and pool area) * Ground Breaking will be held at the development site on May 20th, US time. A ceremony was held, attended by more than 30 participants, including government officials such as the mayor of Haltom City and city council members, as well as people involved in the project, including employees of our group. Through this development, we will contribute to the supply of housing in Haltom City and the Dallas-Fort Worth metropolitan area.
* Scene from the groundbreaking ceremony *
7th from the left: ASD CEO David Eitches, 9th: Haltom City Mayor An Truong, 3rd from the right: ASD CEO Zachary Gensior
* Property Description*
Location Haltom City, Tarrant County, Texas
Site area: 15.95 acres (approximately 64,547 square meters)
Building area: 374,858 sqft (approximately 34,825 square meters) Total number of units: 296 units (143 1Bed Rooms, 129 2Bed Rooms, 24 3Bed Rooms) Floor: 3 floors above ground Planned
Structure/construction method Wooden frame wall construction method Use: Rental housing complex
Scheduled for completion in February 2026
* Alpine Start Development, LLC Overview *
Headquarters Dallas, Texas
Representatives David Eitches, Zachary Gensior
Established in 2020
Business content Real estate development of multi-family properties, real estate investment (Value-Added)
(Site selection/purchasing, obtaining permits, financing, project management, etc.)
*About Open House Group’s U.S. development business*
Our company entered the development business of income-generating real estate (rental apartment complexes, single-family homes, and logistics warehouses) in the United States in 2018, and has so far completed development projects in California, Texas, Florida, Maryland, and Georgia. We are participating in.
We are developing our development business mainly in the Sunbelt area, which is experiencing remarkable economic growth and is expected to see an increase in population and employment.We are also promoting real estate development in the United States, where sustainable demand for housing is expected, and will continue to leverage our knowledge of the U.S. real estate business. We will strive to expand our concentration and revenue base.
* About Open House Group Co., Ltd. *
From January 2022, Open House Co., Ltd. and related companies have transitioned to a holding company structure with Open House Group Co., Ltd. as the pure holding company. The group’s business revolves around the detached house business, condominium business, income real estate business, and real estate business in the United States, as well as various services related to housing and daily life.In terms of regions, in addition to the Tokyo metropolitan area where it was founded, the Nagoya area, We have expanded to the Kansai and Fukuoka areas, and in recent years have also been focusing on regional co-creation activities and environmental conservation activities. In the detached house business, which has been our main business since our founding in 1997, we have an integrated manufacturing and sales system that covers everything from land purchasing to construction and sales, and provide homes in convenient locations at affordable prices. We have been working on initiatives that are unique to the group, such as the need for locations close to work and home as the number of dual-income households increases, and plans that meet new needs amid diversifying work styles. Our group will continue to strive to provide housing that more customers can choose from.
Open House Group Co., Ltd. Website URL: https://openhouse-group.co.jp/
* company overview *
Trade name Open House Group Co., Ltd.
Head office location 2-7-2 Marunouchi, Chiyoda-ku, Tokyo 100-7020 JP Tower 20th floor (general reception) / 21st floor
Founded September 1997
Representative Representative Director and President Masaaki Arai Capital 20,131,480,000 yen
Number of employees (consolidated) 5,828 (as of the end of March 2024) *About details about this release*
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