A Houston-based homebuilder received billions of dollars in funding to create new developments that will cater to renters, including its most extensive base: millennials.  

Wan Bridge plans to build approximately 30,000 three-bedroom rental homes, backed by an undisclosed amount of money; however, it is in the multi-billions of dollars, Houston Business Journal reported in late October. 

The project investor is also unknown. 

"We have been looking for investors to help us build on the success we have found in the build-to-rent space," said Ting Qiao, CEO of Wan Bridge, which specializes in build-to-rent, the Houston Business Journal reported. "At the same time, investors have been looking for a new class of investment in the housing market. Wall Street has started to recognize the future of this space as an investment class."

Wan Bridge and the investor will build and rent the homes in the suburbs of Austin, Dallas, Houston and San Antonio, the Business Journal reported. The developments will also feature a community park and boat dock, among other amenities. 

More than 80% of Wan Bridge's customers are millennials in the early stages of adult or family life who are looking for a place to settle down.

"[The investor] really saw an opportunity in building homes for residents looking for communities to live in but who also want the flexibility of renting," Qiao said. "Many times, [these residents] want to rent rather than buy because they are in a  transitional place in their lives and want the ability to move when their  circumstances change."