W Properties Bets on 2029 Multifamily Recovery with 252-Unit Melissa Development

Developer targets mid-2027 construction start as North Texas works through historic apartment supply cycle

MELISSA, Texas, Aug. 24, 2026 /PRNewswire/ -- W Properties announced plans for a 252-unit garden-style multifamily community on approximately 12 acres adjacent to Everbloom, the company's 343-unit build-to-rent community in Melissa, Texas.

The project represents W Properties' continued conviction in Melissa and Collin County, while reflecting a deliberate strategy around product type and development timing.

"Launching Everbloom in May 2024 required conviction," said Andrew Welker, Founder of W Properties. "Capital markets were difficult, rates were elevated and many groups were pulling back. We moved forward because we believed in both the BTR product and the long-term fundamentals of Melissa. Everbloom has performed well relative to competing BTR communities in our market and reinforced that conviction."

The company is taking a different approach with garden-style apartments, a sector still working through elevated supply and concessions across North Texas.

Texas multifamily permitting across its five major metros has fallen by more than half from its 2023 peak, while Dallas-Fort Worth continues to absorb a significant pipeline of apartments already under construction.

"BTR and garden-style apartments are different products, and we would not have started a garden-style project in that same environment," Welker said. "We're being patient. We expect to go vertical by mid-2027, positioning this community for an early 2029 leasing season, when we believe today's supply pressure will look materially different."

The new community will complement Everbloom, located at 4515 Bluebonnet Lane, by offering a traditional garden-style rental option within the same Melissa corridor.

W Properties is applying a similar strategy in Cape Coral, Florida, where 550 build-to-rent and garden-style multifamily units are in design and planning.

"You can't perfectly time a market, but you can be disciplined about when you put capital to work," Welker said. "We believe 2027 could present one of the better development windows we've seen in years. We want to build into the recovery, not chase it after everyone else sees it coming."

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SOURCE W Properties