Alliance Residential Answers Apartment Demand with New Multi-family Complexes
- Jul 01, 2011
Due to a sharp comeback of job growth in the Dallas-Fort Worth area and a notable lack of first-time home buyers, the Metroplex was pushed to the top of the list of U.S. rental markets in the second quarter. According to MPF Research, the area recorded an increase of almost 8,400 units, with rental occupancy at almost 93 percent. Still fairly below the national average of 94.3 percent, the region needs new apartments to further improve.
Alliance Residential is accommodating the soaring demand for apartments in its plans by building two new multi-family complexes in the area. The first is the 303-unit Broadstone Market Center project, to be developed in the Design District on a site purchased from Crow Holdings before the recession. With plans of breaking ground on the project in August, the Phoenix-based firm hired JHP Architecture / Urban Design for the design. Featuring a mix of studio, one- and two-bedroom units with interiors offering high-end condo finishes, it features rents at $1.55 per square foot.
The second multi-family complex will be located across the street from Broadstone Centreport, Alliance’s apartment community built in 2008. The 344-unit community has not been named yet, but will complement the 1,300-acre Broadstone master-planned development at Centreport. As extras, the new one-, two- and three-bedroom apartments will feature up-to-date finishes and amenities that will boost rents by as much as 10 percent compared to older apartments. With Womack + Hampton Architects L.L.C. in charge of the design, the project is slated for completion by the end of 2012.
Alliance Residential’s confidence in the success of the projects derives from a strong rental demand both in the Design District and in the Centreport area. Just last month, Alliance broke ground on another 363-unit apartment project in Lewisville, Broadstone Valley Parkway, that also called for a significant investment of nearly $35 million.