MCALLEN, Texas - Land developer Rhodes Enterprises and the McAllen Chamber of Commerce held a groundbreaking ceremony for a new rental house community at Tres Lagos.
Christened “Belterra,” the new neighborhood will consist of 121 three and four-bedroom houses on approximately 30 acres of land within the master planned community. Each home, built by Rhodes subsidiary Esperanza Homes, will have a two-car garage and backyard with landscaping.
“It’s low-maintenance living for people who are not ready for home ownership,” said Nick Rhodes, president and CEO of Rhodes Enterprises.
The development project is distinguished from others at Tres Lagos in that it will function as a strictly rental community. Individuals and families looking for more space than an apartment, but who do not want the commitment of a mortgage or the upkeep involved in owning a house now have another option. It is also ideal for people moving to the Rio Grande Valley for work who do not yet know the area or where they would like to settle permanently.
“It’s a community for people who need transition housing,” said Rhodes. “They’re not ready to buy. They don’t have the down payment ready. So, really, the concept is it’s a turnkey rental community … for people that want more than a fourplex or an apartment.”
Former McAllen Mayor Jim Darling and McAllen City Commissioner Tony Aguirre spoke at the event, praising Rhodes and anticipating a successful launch.
Aguirre called the community “innovative” and pointed to the Valley’s booming industrial, health and education sectors as the main force driving demand for this type of unique neighborhood.
“Our community in McAllen is growing tremendously, and one of the needs that we are seeing is the rental home community,” said Aguirre.
Darling, who presided as mayor when Tres Lagos was first conceptualized, sees Belterra as an added draw for businesses looking to establish themselves in the region.
“It’s a great idea,” said Darling. “I think you’ll fill up almost immediately, and it’s a service industry. When we recruit people, it’s another chip we have to get people to come down here.”
Landscaping and maintenance will be included for Belterra residents as well as access to amenities at Tres Lagos. Additionally, renters will have 10 percent of their rent – up to a few thousand dollars – credited to them towards the purchase of an Esperanza home.
“So, if they’re ready to purchase, they can purchase one next door in another community,” said Rhodes.
Rhodes plans to build all the properties within the next few years, with construction of the first homes starting in October. Leasing will begin in February 2024.
