Dozens of new built-to-rent homes unveiled in Arlington master-planned community
The first of nearly four dozen new built-to-rent homes were unveiled in Arlington’s Viridian community on July 15, offering another entry point into North Texas’ third-wealthiest ZIP code.
The subdivision, called Tricon Viridian, is managed by Tricon Residential, a Blackstone Real Estate company that develops and manages rental home communities across the country. HHS Residential and Johnson Development partnered with Tricon on the Viridian development, which is off Collins Street just north of Green Oaks Boulevard.
The 46 homes are single-family detached, with three- and four-bedroom options. In-home amenities include stainless steel appliances, gas stoves and cooktops and granite countertops. Each house has a small backyard, and Tricon handles the landscaping along with other maintenance and repairs to the properties.
Additionally, residents have access to amenities throughout the Viridian community, which include hiking and biking trails, swimming pools, parks, tennis and pickle ball courts, a fitness center and Lake Viridian.
However, the beach at Lake Viridian was closed indefinitely in June following a “pop-up party” reportedly comprising 300 teenagers. At a June 10 community meeting, the Viridian Municipal Management District board of directors vowed to tackle issues related to overcrowding and safety.
Rental prices in Tricon Viridian range from $2,700 to $3,200 a month, and rent increases are capped at less than 10%, said Andrew Carmody, senior managing director at Tricon Residential.
Carmody said the company’s goal is to provide high-quality options for those who want a single-family home but aren’t in a position to buy, either because they’re not yet ready to settle down long term or they’re barred from doing so because of high home values, high interest rates and lack of funds for a down payment.
“Tricon Viridian offers families the space and privacy of a detached home, along with access to outstanding amenities, excellent-rated schools and strong employment centers — all without the financial burden of traditional home ownership,” said Carmody.
According to Carmody, the cost to rent a Tricon home is approximately 30% less than the cost to own a home. But for those who do aspire to home ownership, Tricon offers programs to help reach that goal.
Residents can take advantage of services like credit counseling and budgeting advice, and Tricon reports on-time rent payment to the credit bureaus, which helps residents shore up their credit scores before purchasing a home. Residents in good standing who have lived in a Tricon community for five years or more are even eligible for a $5,000 grant to help with buying a home.
Arlington Mayor Jim Ross, who attended the Tricon Viridian ribbon cutting ceremony on July 15, said he was happy to see the developer “address the urgent need for more housing options in our community.”
The first 10 Tricon Viridian homes are already leased, but future properties will be delivered on a rolling basis through the beginning of next year. Perspective renters can pre-lease up to 30 days before a new home is available.
