Origin Investments and StoneHawk Capital Partners will develop the five-story The Hendricks multifamily property in the Cedars submarket of Dallas. The partners plan to break ground on the project in the third quarter of 2022.
The 285-unit The Hendricks, located at 1718 S. Good Latimer Expressway, will offer studio, one- and two-bedroom apartments, averaging approximately 720 square feet. Unit amenities will include stainless appliances, quartz countertops, wood-like flooring, walk-in closets with wood shelving and nodes for desks/workstations. Resident amenities will include a secured access, resort-style pool, a two-level clubroom and lounge, a rooftop deck, a fitness/yoga studio, a golf simulator, a dog park and a dog wash.
The Hendricks is a few blocks from the intersection of I-30 and I-45 and is situated immediately south of Dallas’ central business district. It is adjacent to the future spot of So Good by Hoque Global, a master-planned urban community next to the Farmers Market, Deep Ellum and Fair Park. The development will be anchored by an innovation center that will serve as an incubator for startups and entrepreneurs. The center will include commercial and retail spaces, restaurants and multiple phases of residential property.
The Hendricks is being developed on a 2.6-acre site Origin and StoneHawk acquired from a partnership of local individual investors for $5.2 million in October 2021. Scott Lake and Jake Milner with Davidson Bogel Real Estate represented the sellers in the transaction. Origin was represented by Brian Woidneck and Zach Sherwood with StoneHawk.
“The Hendricks represents the 11th development of our opportunity zone fund. We have a defined box in which we can search for property around the country. Texas is a target market for us, mostly around Dallas-Fort Worth and Austin. The Cedars is one of the most dynamic opportunity zones in terms of its location and one of the hottest infill markets in the area,” David Welk, managing director with Origin Investments, told Multi-Housing News.
The Hendricks was designed by Architecture Demarest and Oden Hughes, which was recently renamed as OHT Partners, is serving as general contractor. The partners expect to complete construction on the project in the fourth quarter of 2024.
The partners plan to evaluate and develop additional multifamily development projects in the Southwest. “We have a growing pipeline of opportunities. This is the exact product type we want to develop in urban and suburban markets,” Welk said.
The Hendricks is Origin’s seventh ground-up multifamily development project in Texas and its second in Dallas-Fort Worth. The company has also completed six multifamily value-add acquisitions in the state.