KATY, Texas (Covering Katy News) — Tricon Residential, owned by Blackstone Real Estate, is unveiling its newest residential development in the Katy area, adding 175 premium single-family rental homes to the Houston market.
The master-planned community, called Tricon Peek Road and located at Peek and Stockdick School Road (22851 Terrazzo Dr.) joins several other Tricon developments in Texas that have collectively added more than 600 new rental properties to the state's housing inventory this year, helping ease rental market pressure.
The development responds to what housing analysts estimate is a U.S. deficit of 4 to 5 million homes nationwide, a shortage driving up housing costs and limiting access to quality neighborhoods for middle-income families.
This rental community in Katy offers spacious three- and four-bedroom floor plans with open-concept designs, two-car attached garages, fully fenced private backyards, and sought-after community amenities.
"Tricon Peek Road addresses Texas' critical need for high-quality housing options during this period of economic and population growth, when it has become nearly impossible for so many Americans to become homeowners," said Andrew Carmody, Senior Managing Director at Tricon Residential. "We're proud to introduce this new built-to-rent community, which will help meet the significant demand for affordable rental housing options in the Houston metropolitan market. All our professionally managed communities offer families access to thriving neighborhoods with excellent schools, abundant job opportunities, and desirable amenities—all at prices significantly below the cost of homeownership."
The company expanded its Texas footprint last fall with communities in Leander and Tomball, adding over 300 homes to those markets.
Ryan Ingle, Senior Managing Director at Blackstone Real Estate, said, "Blackstone and Tricon are committed to helping address America's housing supply shortage through strategic investments that expand access to high-quality neighborhoods at prices well below the monthly cost of homeownership. Tricon Peek Road exemplifies our mission to develop professionally managed communities that provide families with the benefits of single-family living."
The project was developed in partnership with HHS Residential, whose Vice President Matthew McGhee noted the development "combines premier home quality with professional management, creating a pathway for families to access a quality neighborhood, excellent schools, and community amenities without the financial barriers of traditional homeownership."
Tricon points to research from Harvard economist Dr. Raj Chetty suggesting long-term benefits for families living in resource-rich neighborhoods. The company aims to provide access to such high-quality communities without the substantial upfront costs of purchasing homes.
Residents will have access to Tricon Vantage, a comprehensive financial wellness program offering credit-building services, down payment assistance of $5,000 for those looking to eventually purchase homes, and financial education resources including personalized coaching.
The development represents part of the rapidly expanding "build-to-rent" housing sector, which creates move-in ready single-family homes specifically designed for long-term renters seeking the benefits of suburban living without mortgage obligations. Industry experts predict this housing category will continue growing as homeownership remains out of reach for many middle-income families in competitive markets like Houston.