Behringer Harvard Aims to Build Dallas Luxury Multifamily Development
- Aug 28, 2012
Dallas—Behringer Harvard has acquired a 3.9-acre multifamily development site in Victory Park, Texas, with plans to construct a 377-unit luxury community called The Arpeggio Victory Park.
“The property is a true transportation-oriented development located in a prestigious urban redevelopment,” Mark Alfieri, Behringer Harvard Multifamily REIT I, Inc.’s chief operating officer, tells MHN. “This property is representative of what we have strived for in this portfolio—urban living combined with luxury apartments.”
Mill Creek Residential Trust LLC, a Dallas-based real estate firm, has partnered with Behringer Harvard on the acquisition and will serve as developer of The Arpeggio Victory Park.
“We are excited to partner with Behringer Harvard and look forward to delivering luxury rental residences in this vibrant and growing neighborhood,” Darren Schackman, Mill Creek Residential Trust’s senior managing director, says.
The Arpeggio Victory Park will comprise two five-story residential buildings wrapped around a central parking garage. The units will average 814 square feet and offer up to two bedrooms and two baths.
“The Arpeggio Victory Park will be highly amenitized with a state-of-the-art fitness center, resort-style pool and high-grade interior finishes,” Alfieri says. “Units will feature granite countertops with tile backsplashes, stainless steel appliances, kitchen islands, nine-foot ceilings, and full-size washers and dryers.”
Common-area amenities will also include a cyber cafe, a business center and a dog park.
Located at 2400 Houston St., the community will offer residents proximity to the central business district and uptown, two of the largest employment centers in Dallas, as well as the West End Historic District and one of the largest contiguous arts districts in the United States.
Immediately adjacent to the site is the American Airlines Center, a multipurpose arena that’s a downtown landmark and home to the NBA’s Dallas Mavericks and the NHL’s Dallas Stars.
Victory Park is a 75-acre mixed-use neighborhood on the west side of Dallas’ central business district, featuring an expanding range of office, residential and retail amenities.
“Victory Park has become a primary destination for upwardly mobile urban professionals,” Alfieri says. “The American Airlines Center and W Hotel are terrific amenities for the area. In addition, there are plenty of shops, restaurants and nightlife within walking distance.”
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 48 multifamily communities in 14 states comprising 13,013 apartment homes. However, this is the Texas-based company’s first development in the Victory Park area.
“We believe urban locations in this area of Dallas offer upside potential for our investors given the redevelopment that continues in Downtown Dallas and the Museum District,” Alfieri says.