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3/15/23
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TerraLane Communities, in a venture with Franklin Mountain Investments, purchased 94 single-family “finished” lots within the Campo del Sol masterplan in the El Paso, TX area for the development of a new premier rental home community.
The venture is already underway in delivering TerraLane at Campo del Sol, a collection of modern, technology-forward rental homes within a highly amenitized masterplan. The community will be the first rental neighborhood of its kind in the El Paso area and TerraLane’s first build-to-rent (BTR) development in Texas.
“TerraLane Communities is excited for its expansion into western Texas with the introduction of its newest community of rental homes, TerraLane at Campo del Sol,” said Steve La Terra, CEO of TerraLane Communities. “The acquisition marks our firm’s progression into the broader western U.S. market and is a major step in TerraLane’s strategic growth plan. TerraLane at Campo del Sol will be an exceptional, one-of-a-kind community in North El Paso, offering a high-quality lifestyle with a range of beautifully designed and expertly constructed rental homes in a masterplan setting.”
The 94 lots are considered Phase 1 of a potential 300-lot single-family rental community within the 2,300-acre Campo del Sol masterplan, which is planned for approximately 9,500 total homes at its completion. Development of the masterplan is currently underway with the major community amenities scheduled to be constructed prior to the completion of TerraLane at Campo del Sol. Vertical construction of the rental homes is scheduled to begin Q1 2023 with project completion anticipated Q2 2024. Rental pricing is to be announced at a later date.
TerraLane at Campo del Sol will offer a mix of floorplans and elevations designed to appeal to families, active adult move-downs, part-time El Paso residents, young professionals and members of the military.
Nineteen of the homes will be single-story and offer three bedrooms and two bathrooms in a 1.4k sf floorplan. An additional 75 homes will feature two-stories and range in size from 1.7k sf to 2.1k sf with three to four bedrooms and 2.5 to three bathrooms. All homes will include front and rear landscaping, a porch, covered patio and a two-car garage. The homes’ exterior will feature transitional, Spanish and farmhouse themes.
Campo del Sol’s amenities are designed to facilitate neighborhood connectivity and incorporate the community’s natural surroundings. The masterplan will provide multiple parks, an extensive community trail system and access to nearby open spaces. The amenity center will be central to the community and will feature an activity pool, lazy river, splash pad, cabanas, event pavilion, playground, picnic tables and shade structures.
View Homes, a homebuilder with extensive experience in the El Paso market, will lead the construction of TerraLane at Campo del Sol. At completion, the community’s management and leasing will be headed by Capstone Real Estate Services Inc.
Campo del Sol is located in North El Paso, in the foothills of the eastern slope of the Franklin Mountains, providing sweeping scenic views of the surrounding desert landscape. The property is accessible via McCombs St, north of Hwy 54. El Paso is the largest metro area on the Texas-Mexico border and home to the region's largest employer, Fort Bliss, which generates $6 bil in annual economic activity and employs more than 40,000 people.
TerraLane at Campo del Sol marks the development of TerraLane’s sixth rental home community. The company sold its first two investments in 2022 at the peak of the rental real estate market, generating returns significantly greater than the preceding benchmark in the asset class for its investors and paving the way for the company’s expansion. TerraLane is currently focused on expanding into new housing markets in the southwestern U.S. and Texas.
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