Uber headlines: Patel family: It’s like Uber, but for build-to-rent

From The Real Deal:

A Frisco-based developer is launching a multibillion-dollar effort to disrupt the build-to-rent market.

BTR communities have been popping up all over Texas, as many prospective first-time buyers are getting shut out of their respective single-family markets. Many big-name developers have hopped on the trend, but now there’s one with a plan to become the undisputed market leader.

Homz — pronounced like “homes” — was started by the well-known Patel family of the hospitality industry, which owns more than $1 billion in real estate across the U.S., U.K. and the Middle East. The new company says it wants to be the “Marriott of rental housing,” according to the Dallas Morning News. The company has announced plans to break ground on 50 communities — each a $140 million to $170 million investment — throughout the U.S. over the next five years.

Many of the Patel family’s hotels are under the Hilton, Marriott and Hyatt brands, which is what sparked the idea to develop a national brand identity in the growing single-family rental industry.

Continue reading Patel family: It’s like Uber, but for build-to-rent on The Real Deal

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