Avanta Residential today announced that the firm closed construction financing with UMB Bank on 26 acres of land within the Chisholm Trail Ranch master-planned community in Fort Worth, Texas to develop a built-to-rent community. The community, called Avendale at Chisholm Trail Ranch, marks Avanta’s second project in the Dallas Metroplex area and it’s third project in the state of Texas.
The single-family rental community will consist of 247 one-, two-, three- and four-bedroom patio and townhomes. Community amenities will include a resident amenity center which will feature a clubroom with a kitchen, fitness center, yoga lawn, outdoor living room, and a resort style pool. In addition, there will be resident courtyards, lounge areas, dog parks, walking trails, and playgrounds spread out across the community.
“We are excited to partner with UMB, a highly seasoned real estate lender with more than a century of experience,” said Peter Spier, President of Avanta Residential. “With UMB’s support, Avanta will continue to expands its footprint in the Dallas Metroplex area.”
“The location of Avendale at Chisholm Trail Ranch is ideal, with its proximity to downtown Fort Worth, as well as national retailers, and major employers,” said Terence Johnson, Senior Vice President of Development.
Avendale at Chisholm Trail Ranch is conveniently located nine miles south of downtown Fort Worth, one of the fastest growing cities in the U.S. The Shops at Chisholm Trail Ranch, located across Chisolm Trail Parkway, features several national retailers including Ross, Marshalls, Old Navy, Ulta, Five Below, Famous Footwear, Tuesday Morning, Dollar Tree, Bath & Body Works, America’s Best, Aria Nail Bar, Pacific Dental, AT&T, Sprint, The Joint, Great Clips and Sport Clips and many other restaurants.
“UMB Bank is proud to finance this project sponsored by Avanta, an exceptionally experienced developer,” said Eric Kraushaar, Vice President at UMB. “We’re delighted to work with them to fill an unmet need for housing and offering amenities that enhance the wellness of the residents.”
Avanta plans to deliver homes at Avendale at Chisholm Trail Ranch in Spring 2024.