Behringer Harvard Begins Second Phase of Metro Dallas Apartment Property
- Feb 07, 2012
Addison, Texas—Behringer Harvard has broken ground on Allegro II, the second phase of a multifamily rental property the company acquired in December 2010. When complete, the metro Dallas development will include 121 units on a 1.2-acre site near the 272-unit first phase of the property.
Allegro is located in Addison Circle, a 70-acre mixed-use development on a site with frontage on Dallas Parkway, a major north/south toll road. According to the developer, the first phase has been popular with young professionals “who appreciate its proximity to major Dallas employment centers.” Rents at the first phase range from $1,110 to $2,510.
The existing Allegro property includes a resort-style pool and spa with cabanas and lounge, an outdoor games deck and spin-biking area, a barbecue area, fitness center, a game room with kitchen and billiards table, a tanning bed, and a business center, all of which will be accessible to residents of the second phase. Development plans for Allegro II include units with finishes similar to Phase I’s, such as brushed nickel hardware, stainless steel appliances, granite countertops, and private patios or balconies.
Even though metro Dallas’ for-sale housing market never contracted as much as in some other parts of the country, the apartment industry has had a good run locally, and its strength is expected to continue in the foreseeable future. Investment specialist Marcus & Millichap notes that local apartment vacancies dropped from 7 percent at the end of 2010 to 5.3 percent at the end of 2011.
Including the second phase of Allegro, the Behringer Harvard Multifamily REIT I Inc. portfolio now consists of 43 multifamily properties comprising nearly 11,300 units. The Addison-based REIT’s other Dallas-area properties include the 149-unit gated Grand Reserve on Lovers Lane in Dallas and the 452-unit Fitzhugh Urban Flats in the city’s Uptown neighborhood.