Dallas Mixed-Income Community Begins Construction
Sponsors Mintwood and MSquared, both women-owned companies, are developing the project.
Mintwood Real Estate and MSquared have broken ground on Oakhouse, a 219-unit mixed-income Class A apartment community that will bring affordable and market-rate housing to Dallas’ Oak Cliff neighborhood as one of the city’s first Public Facility Corp. projects.
The Dallas Public Facility Corp. was created in 2020 by the city in part to help develop and preserve mixed-income workforce housing communities, serve residents earning at or below 80 percent of the Area Median Income and provide non-income restricted units. In this case, the PFC will own the land and lease it back to Mintwood for 75 years.
Located at 900 E. Colorado Blvd., Oakhouse will offer 110 of its units at rents affordable to households earning up to 80 percent AMI through the PFC partnership that will preserve the complex’s long-term affordability. It is the first PFC project to break ground. Completion is slated for late summer 2024.
The property is adjacent to Interstate 35E and is a five-minute drive from Dallas’ central business district and the Bishop Arts neighborhood. The building will have studios, one-, two- and three bedroom units with high-efficiency appliances and lighting, quartz countertops, tiled kitchen backsplashes and vinyl plank flooring. There will be customizable spaces within the units for desks, fitness equipment or extra storage.
Oakhouse will be located in a transit-oriented area with access to rail and bus transit networks. Upon completion, it will be National Green Building Standard-certified.
Amenities will include a pool, dog park, children’s lounge and fitness center, as well as work spaces for students and adults working from home and a “Sky Lounge”, which will offer indoor and outdoor space on the top floor of the building.
Dallas-based Mintwood Real Estate is the developer and general partner along with partners Mirasol Capital, a Dallas-based real estate, technology and entertainment investment firm, and MSquared, a New York-based impact investing company that works with the public sector, developers and investors to build mixed-use, mixed-income properties to promote affordability, sustainability and diversity.
This is the first time Mintwood and MSquared, both women-owned companies, have worked together. Rogers O’Brien is the general contractor and WDG Architecture is the project’s architect. Interior design is provided by B2 Architects + Design and Garrison/Jones Landscape Architects is handling landscape architecture. Civil engineering will be provided by Pacheco Koch. MEP engineering will by handled by Blum Engineering and Urban Strategy will provide structural engineering services. Financing was provided by Independent Financial.
Building the PFC Program
Aaron Eaquinto, assistant general manager of the Dallas Public Facility Corp. and Housing Finance Corp., said in a prepared statement the Oakhouse project will provide affordability, with qualifying residents enjoying a Class A product without facing rising rents that can price out many middle-income earners.
Katy Slade, principal and founder of Mintwood Real Estate, noted in a statement that Oakhouse will be built on land that has been underutilized for decades. Citing the location’s proximity to both the Bishop Arts neighborhood and downtown Dallas, Slade said, in prepared remarks, that Oakhouse will offer high-quality residences and preserve long-term affordability for more than half of its residents.
Another PFC partnership was announced in August when LDG Development and the DPFC secured $63.4 million in construction financing from Merchants Bank of Indiana for development of the 300-unit Standard at Royal Lane project. Located at 2737 Royal Lane, the mixed-income property will be about 12 miles northwest of downtown Dallas. Half of the units will be set aside for households earning 60 to 80 percent of AMI.