W Properties is planning a 252-unit garden-style apartment community on roughly 12 acres in Melissa, Texas, right next door to Everbloom, their 343-unit build-to-rent project.
The company's targeting a mid-2027 groundbreaking, aimed at catching an early 2029 leasing season.
That timeline isn't an accident. Texas multifamily permitting across the state's five major metros has dropped more than half from its 2023 peak, and Dallas-Fort Worth is still chewing through apartments already under construction.
Patience as a Strategy
Founder Andrew Welker says garden-style and BTR are different animals, and he wouldn't have launched a garden-style deal in today's oversupplied environment.
Everbloom, which broke ground in May 2024 during rough capital markets, was a different bet entirely, one he says has outperformed competing BTR communities in the market.
The new project sits alongside Everbloom at 4515 Bluebonnet Lane, giving the Melissa corridor a traditional rental option to go with the BTR product next door.
W Properties is running the same playbook in Cape Coral, Florida, where 550 BTR and garden-style units are in the design and planning stage.
The Math Behind the Wait
Welker's read: you can't time a market perfectly, but you can choose when to put capital to work. He's betting 2027 turns into one of the better development windows in years.
Building into a recovery beats showing up after everyone else already spotted it.
🥾Want to advertise in TheJobWalk? Learn More🥾
