Anthem Capitalizes 256-Unit Community Outside of Dallas
The project will break ground this May.
Dallas-based institutional multifamily sponsor Anthem Development capitalized the development of Anthem Village, a 256-unit Class A luxury multifamily located in Lewisville, Texas, a suburb of the firm’s home city.
The firm will break ground at the intersection of I-35 and Justin Road in May to develop the community, which is expected to be completed in 24 months.
Jorg Mast of Colliers International represented Anthem in the transaction, arranging the financing and joint venture common equity for the acquisition and development. A funding amount was not disclosed.
Upon completion, Anthem Village will consist of four four-story, elevator-serviced buildings. Residents can access amenities in nearby Lewisville such as the city’s Old Town, Lewisville Lake and the Lake Park Athletic Fields and Golf Course.
Underwriting a challenge
Matt Silvers, vice president of Project Management Advisors, Inc., told MHN that although there are many systemic obstacles to financing multifamily projects, it’s still very doable in the current macroeconomic environment if a given market’s fundamentals are strong.
“Given the cost of debt, it’s a tough time for developers, which makes underwriting a challenge relative to generating an acceptable return,” Silvers said. “And, of course, the tariff uncertainty isn’t helping the situation.”
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Still, Texas remains fundamentally strong, with net positive migration catalyzing urban growth in the two percent range every year. “Every major Texas market has a different dynamic. Dallas is not Austin, Austin is not San Antonio, and San Antonio is not Houston. However, the overall positive migration into the state indicates that there is still a steady demand,” Silvers said. “Rent rates are another issue, but while rents across the four major Texas metro markets have slowed down quite a bit, most prognostication shows that by mid-to-late 2026 they’ll be on the rise and once again.”
More Dallas-area apartments, BTR underway
In nearby Aubrey, Texas, SPI Advisory acquired Encore 380 Apartments from Starwood Capital Group. The 416-unit, Class A garden-style community marks the firm’s 50th investment in the market since being formed in 2014.
As for build-to-rent, developer BB Living is building phase two of BB Living Light Farms, a new collection of three- and four-bedroom single-family homes in Light Farms, a master-planned community in Celina, Texas. This neighborhood features 181 homes and eight floor plans, ranging from 1,658 to 2,511 square feet.
