Four Corners Development Group has acquired its third built-to-rent property from D.R. Horton within six months, continuing a recent trend of such purchases. The New York-based investment firm bought The Oaks at Grand West Apartments in Houston for $36 million. The 147-unit community, located at 10415 Lancaster Forest Lane, was developed by D.R. Horton and completed in 2024. This transaction values each unit at approximately $245,000.
Financing for the acquisition was arranged by Polaris Funding, a mortgage brokerage based in Lakewood, New Jersey. Nate Hyman, founder of Polaris, secured a $25.2 million loan from Encore Finance Group to support the purchase.
“This went very [smoothly] and had a closing period of under 60 days because of Polaris’ relationship with the lender and the understanding we have for the BTR space,” Hyman said in an email.
Hyman also arranged financing for Four Corners’ earlier $55.2 million acquisition of two built-to-rent communities in Slidell, Louisiana, totaling 248 units at about $222,400 per unit.
The Oaks at Grand West Apartments offers three- and four-bedroom homes ranging from 1,800 to 2,000 square feet. Each home includes laundry facilities, a two-car garage, covered patio and fenced backyard. Shared amenities include a dog park and playground. Rents start at around $2,400 per month.
Built-to-rent properties became more popular during the pandemic as remote work increased demand for housing that offered more space and amenities similar to single-family homes. These properties have provided an alternative to traditional apartment living for potential homebuyers facing high competition or rising interest rates since 2022.
Texas has seen significant growth in this sector; nearly 22,000 built-to-rent units were under development statewide at the beginning of 2025—the highest number among all states—according to Point2Homes data. At the city level, Phoenix led nationally in new units under construction, followed by Dallas, Atlanta and Charlotte; Houston ranked fifth with over 4,600 units underway early last year.
