Elkco property management has begun development on the Farmhouse, a community of build-to-rent townhomes and cottage homes for single family living. They intend to build 78 such homes in Meridian Village, one of Parker’s newest neighborhoods. Many locals are curious about the project, including whether or not it may affect established home values. Read on to find out more about the Farmhouse and what it means for current Parker residents.
What is Build to Rent Housing?
Build to rent housing is constructed for the purpose of long-term rental (several years or more). Residents can pre-select floor plans that are ideally suited to their needs, with the goal of staying in the property for quite some time.
This is in contrast to multi-family homes, such as apartment buildings, which entail a somewhat high turnover rate and are built before renting to tenants.
Where Will the Farmhouse Be Located in Parker?
The Farmhouse townhomes will be located 10795 Bloomfield Circle in Meridian Village. This is just south of East Lincoln Avenue and adjacent to the Sierra Ridge neighborhood. Local landmarks include Park Meadows Mall and Sky Ridge Medical Center.
What Kind of Homes will the Farmhouse Build?
Prospective residents of the Farmhouse may select from four separate floor plans:
1. Cottage Homes
The cottage homes will have 2 bedrooms, 2 bathrooms located on a single level. They measure 1205 square feet and include a private patio and attached 1-car garage.
Rent for the cottage homes starts at $2,545 per month.
2. 2-Bedroom Townhome
The two bedroom townhouse floor plan is also 1205 square feet but spread out over two levels. It also includes an additional half bathroom and a covered patio. You will also have the 1-car attached garage.
Rent for this floorplan starts at $2,395 per month.
3. 2-Bedroom Townhome with Loft
For those needing a little more space, a second 2-bedroom townhouse floor plan with loft space and a two-car attached garage is available. The home measures 1445 square feet spread over two levels with a loft on the second level.
Rent for the 2-bedroom townhouse with loft space starts at $2,695 per month.
4. 3-Bedroom Townhome
The last floorplan available Farmhouse floor plans is a 3-bedroom townhome, which offers an additional bedroom on the second level. Keep in mind, however, that overall square footage remains the same as in the 2-bedroom townhome with loft space (1445 square feet).
Rent for the 3-bedroom townhome begins at $2,795 per month.
How Many People Will Live at the Farmhouse?
Again, Elkco is planning on the construction of 78 properties. The exact number of residents will depend on which types of homes are built, and how many people inhabit each property. But let’s say everyone chooses the 3-bedroom townhome and a maximum of three people live in each building. We can expect 234 residents.
When Can I Live at the Farmhouse in Parker?
Townhomes and cottage homes can be a great option for new families or older couples looking to downsize. Pre-leasing for the Farmhouse begins this month (November 2022). You can contact the development directly by calling 303-778-0380, or emailing [email protected].
The exact timeframe for construction has not been specified. However, according to the US Census Bureau, detached single family homes take about 7 months to build from the ground up. At that rate, the smaller cottage and townhomes might be finished in a matter of 2-3 months.
Will the Farmhouse at Meridian Village Affect Home Values in the Area?
Current residents of Parker may be concerned that the new townhomes will affect local property values. In some cases, the presence of rental properties has had a negative impact on resale value of private homes. However, this is generally not the case. In fact, research shows that the presence of rental properties, including apartments and townhomes, actually increases property values in an area. New construction properties also tend to increase property values.
Things that have a much higher impact on home value are its location, square footage, number of rooms, crime rates, age, and overall condition. The presence of brand new townhomes in an already newer neighborhood is unlikely to have any negative effect on home values.
Are you a future resident of The Farmhouse at Meridian Village? Which floor plan did you choose? Let me know in the comments!