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May. 28, 2013

Forest City, AIG Team Up to Build Apartments in Uptown Dallas

By Amalia Otet, Associate Editor

Forest City Enterprises Inc. entered into a strategic capital partnership with New York-based AIG Global Real Estate to develop a 381-unit apartment project in the West Village area of Dallas’ thriving Uptown neighborhood.

Dubbed 3700M, the apartment complex broke ground in December 2012 and is scheduled for completion in the third quarter of 2014.

“We are very pleased to partner with AIG on this great project,” said David LaRue, Forest City president & CEO, in a release. “As we continue to see demand for new multifamily product in our core markets, we are teaming with equity partners, such as AIG, to invest with us in new projects. This is a key element of our strategy of building a strong, sustaining capital structure while continuing to take advantage of new opportunities in these markets.”

Designed to meet LEED (Leadership in Energy and Environmental Design) certification standards, the residential project will showcase a 21-story tower, as well as a five-story mid-rise component that will be topped with a landscaped amenities deck providing a pool, cooking areas, covered seating and a water feature. The complex will also feature 37,000 square feet of ground-floor retail, which will be owned by Cityplace Co.

In other multifamily news, Citybizlist reports that Panther FW Investments L.L.C. completed the acquisition of a two-property, multifamily portfolio in Fort Worth containing 528 apartment units.

Bent Tree and Country Place are located in the southeast quadrant of the intersection of I-30 and Loop 820 along Normandale Street on Fort Worth’s west side. Both properties are expected to undergo major renovations, to include enhancements to the exterior and interior unit upgrades, allowing Panther to move ahead on its plans to push rents to current market.

Photo credits: Forest City official website

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