Daiwa House Industry Launches Multifamily Rental Development in Celina, Texas
Daiwa House Industry began construction in early February 2026 on a multifamily rental housing development in Celina, Texas. The project—“Prose Ownsby Farms,” being developed jointly with group company Alliance Residential Company—will comprise 414 units with a total project cost of approximately JPY 17.0 billion. Completion is slated for January 2028.
The property will consist of eight wood-frame buildings ranging from three to four stories. The unit mix includes 258 one-bedroom units and 156 two-bedroom units. The site area is 65,154 sq. m. (approx. 701,312 sq. ft.), and total unit area is 40,265 sq. m. (approx. 433,409 sq. ft.), providing unit sizes in the 70–100 sq. m. range (approx. 753–1,076 sq. ft.) per unit. Target rents are expected to be in the JPY 200,000s per month to more than JPY 300,000 per month, aiming for a premium tier above the Texas state average (about $1,440/month, or roughly JPY 220,000 at JPY 153 per $1). Amenities will include a pool, gym, and pickleball courts, targeting Millennials and Gen Z renters.
The company plans to reduce reliance on its U.S. single-family home business and strengthen its multifamily rental platform, which is expected to generate more stable earnings. CastleRock Communities—its U.S. single-family housing subsidiary—will also make a partial equity investment in the development. Celina, the development site, is located in the northern part of the Dallas metro area and is a fast-growing market with significant population increases.
According to Cushman & Wakefield, the U.S. multifamily market has seen vacancy rates climb to the 9% range—an all-time high—due to a recent wave of supply. However, new starts have begun to decline, and supply is expected to tighten from 2026 onward.
Key Facts
Property Name: Prose Ownsby Farms
Developer: Daiwa House Industry Co., Ltd.; Alliance Residential Company
Location: Celina, Texas, United States
Groundbreaking: Early February 2026
Completion: January 2028
Total Project Cost: JPY 17.0 billion
Number of Floors: 3–4F / B0 (8 buildings)
Area: Site Area 65,154 sq. m. (approx. 701,312 sq. ft.); Unit Area 40,265 sq. m. (approx. 433,409 sq. ft.) (approx. 70–100 sq. m. per unit / approx. 753–1,076 sq. ft.)
Total Units: 414 (1BR: 258; 2BR: 156)
Target Rents: Approximately JPY 200,000s/month to over JPY 300,000/month