As a luxury house expert, Marcus Hiles knows that the market for upscale living environments has become a nationwide phenomenon. Marcus, a prominent real estate developer and entrepreneur in the Dallas/Fort Worth metro area, has seen his share of high-end residential developments over his 30 years in business. Along with extravagant homes, one of the most exciting trends for him is the development of upscale rental properties. His company, Western Rim Property Services, specializes in just this sort of development, creating town homes, condominiums, and apartments that blend luxurious living with affordable lease rates.
An Arizona-based company called NexMetro Communities has entered the North Texas market, with projects in Plano and McKinney. These developments offer residents luxury homes in high-density gated communities in the area. The residences consist of small two- and three-bedroom single family homes, but unlike similar developments in North Texas, NexMetro’s projects are lease-only. In Plano, the company’s first project offers 122 such homes, and the builder is expected to begin construction on a 12 acre community with 118 homes in McKinney next year.
The luxury rental market has grown tremendously over the past five years, with highly-paid millennials demanding upscale living environments but not yet ready to make the commitment of home ownership. This type of rental development has also proved popular with retirees and so-called “empty nesters” who may not want to live in larger homes any longer. Properties like those developed by NexMetro and Marcus’ company Western Rim feature abundant natural areas and communities that complement amenities like fitness centers, swimming pools, clubhouses, and tennis courts. The lease units themselves provide all the high-end features modern tenants demand, such as energy-efficient appliances, custom interior and exterior finishes, and hardwood flooring.
The greater Dallas/Fort Worth area has experienced business growth; low tax rates and the availability of a talented workforce pool has encouraged several Fortune 500 firms to establish headquarters in the region. Employees and executives of these companies expect a higher standard of living, so Marcus and his two real estate development companies cater to the demand. Western Rim concentrates on the rental market, not only in Dallas but in other major Texas cities like Austin, San Antonio, and Houston. His Mansions Custom Homes venture crafts spacious luxury residences in some of the most desirable neighborhoods in the city. Marcus anticipated much of the demand by studying national real estate trends; he saw that cities like Miami and Las Vegas were recovering from the housing crash by creating upscale property developments. By purchasing land parcels in the Dallas/Fort Worth area in advance of development, he had prepared his companies for unrivaled success. Western Rim is now responsible for upwards of 25,000 rental units, either completed or in the latter stages of development. Both companies put a premium on environmental awareness, including green spaces and preserving natural areas for the benefit of residents in the community. By providing opportunities for residents to enjoy the outdoors and offering them a wide array of amenities, Marcus has helped spur further growth of business operations in Dallas. Companies know that their employees will have plenty of choice when it comes to upscale living, and this encourages those companies to expand their reach to the Dallas/Fort Worth area.
