The built-to-rent concept — single-family homes constructed as rental properties — might be gaining momentum in Colorado Springs.
The Empire Group, a Scottsdale, Ariz., residential and commercial real estate company, plans to develop a 228-unit, built-to-rent community on the Springs' northeast side, according to a proposal submitted last month to city government planners.
It would be the area's second recently proposed built-to-rent community. In February, Continental Properties of suburban Milwaukee submitted a plan to city officials that shows construction of 123 single-family rental homes, also on the Springs' northeast side.
Built-to-rent projects have soared in popularity nationwide over the last several years, according to news articles and real estate industry publications. They feature single-family, detached homes that are constructed with the express purpose of renting them as if they're apartments.
The communities appeal to renters who want a maintenance-free lifestyle and amenities similar to large apartment complexes. Yet built-to-rent communities also typically provide larger living spaces and the privacy that comes with single-family homes.
Developers have ramped up construction of built-to-rent communities in response to growing interest by renters, some of whom don't want to own a home or can't qualify for a mortgage. And because of the strong demand, developers can command rental rates of thousands of dollars a month.
Empire Group officials couldn't be reached for comment. The company's website shows it has completed or is finishing at least seven similar Phoenix-area built-to-rent projects with a total of about 1,500 rental units.
The company's project in Colorado Springs, to be called the Village at Cottonwood Creek, would be developed on nearly 26 acres northeast of Powers Boulevard and Woodmen Road, according to its proposal submitted to city officials.
Village at Cottonwood Creek would be a gated community of one-, two- and three-bedroom properties, ranging from 680 to 1,300 square feet, Empire's proposal shows.
Of the 228 units, 150 would be two- and three-bedroom single-family, detached homes; the 78 one-bedroom units would be built as duplexes — two units per building.
"Every home in the community will be single-story with a modern, open floor plan design, including vaulted ceilings, abundant natural light and a private outdoor patio and backyard," according to Empire's proposal.
Homes would be arranged "in architectural clusters to encourage interaction, while also maintaining personal privacy," the proposal says.
Amenities would include a pool and spa, barbeque areas, a dog park, washing areas for cars and pets, open space recreation areas, car-charging stations for electric vehicles, trash compactors and valet garbage service.
Every home also would include a doggy-door access to a backyard. Smart-home technology packages would feature video doorbells, keyless entry systems and remote- controlled security and HVAC systems, according to Empire's proposal.
A community center would have a state-of-the-art fitness center and gathering space to accommodate community events or private gatherings.
Parking would include a mix of uncovered, covered, garage and accessible spaces, while residents also would be able to rent on-site storage units.
"Most importantly, the community management will be responsible for all maintenance of amenities and landscaping including individual patios and backyard areas," Empire's proposal says.
Empire's proposal doesn't spell out a timetable for its Colorado Springs project. It also doesn't include rental rates, though one Phoenix-area project shown on the company's website lists monthly rents ranging from $1,495 for a one-bedroom, one-bathroom unit with 671 square feet to $2,375 for a three-bedroom, two-bathroom unit of 1,282 square feet.
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