Austin, Texas-based Aspen Heights Partners, a vertically integrated developer, builder, and operator of residential communities, announced the launch of Bell Yard, a single-family rental community brand. The unveiling of the new brand coincides with Aspen’s acquisition of a 36-acre site in the Austin suburb of Hutto, where it will develop its first Bell Yard community, according to a press release from Aspen Heights.
For Aspen Heights, which is partly known for the cottage-style housing it pioneered in 2006, the Bell Yard brand launch comes amid heightened demand throughout the U.S. for high-quality rental options. Over the last decade, the company has developed 24 cottage-style rental properties across 13 states totaling 14,844 beds and 4,582 units. With the addition of its Bell Yard brand, Aspen Heights has developed a robust single-family rental pipeline, with more than 1,000 homes under contract in Austin and the surrounding region and an additional 400 homes in North Carolina—totaling $440 million in value.
"The roots of our company were formed by identifying emerging needs within the housing industry and taking swift action to create purpose-built communities that fulfill those needs,” said Greg Henry, founder and CEO of Aspen Heights. “There’s incredible demand right now for single-family rental options from various age groups who are seeking space, comfort and privacy, but want to maintain the service, amenities and flexibility they’ve grown accustomed to. Our various teams are all well researched and informed to the needs and desires of today’s renters, and we believe we’re uniquely positioned to help meet the demand in key markets through the U.S."
The craftsman influenced architecture that combines modern design with nostalgic charm, which is signature to Aspen Heights’ flagship brand, are at the core of the Bell Yard community concept, the companies report. Aspen Heights’ first Bell Yard community in Hutto will comprise 219 two-, three-, and four-bedroom homes with attached garages, modern interiors and designer finishes, complemented by an assortment of resort-style amenities.
To oversee the growth of the Bell Yard brand, Aspen Heights hired industry veteran Michael Bates earlier this year to serve as EVP of Development. Bates has worked closely with T.C. Selman, Aspen Heights’ VP, to source various sites across Texas.
As DS News has frequently reported in 2021, build-to-rent homes, whose sector has remained steady over recent years with a small share of the market, show potential for imminent growth due to several factors at play in today's market.