Construction Begins on Oak Lawn Luxury Apartment Community
- Oct 22, 2012
Addison-based Behringer Harvard has begun construction on a new luxury apartment community in the Oak Lawn/Uptown submarket of Dallas, at the intersection of Maple and Oak Lawn avenues. Trammell Crow Residential, the developer of the apartment community, partnered with Behringer Harvard on the acquisition.
The new project will sit on 4.6 acres, including a site at 2607 Throckmorton St. that will require razing of existing 1960s-vintage housing to make way for a new luxury multifamily community with 276 apartment homes, according to a news release from the developer. Dubbed 4110 Fairmont, the luxury community will comprise a four-story residential building wrapped around a five-level parking garage. The community will also include 23 three-story townhomes with attached two-car garages.
Apartment amenities include eight-foot entry and patio doors, ceiling heights of more than nine feet, kitchens with granite countertops, under-mounted sinks with tumbled-stone backsplashes, and baths with oversize Roman bathtubs featuring tile surrounds and separate showers in selected units, according to a statement from Behringer Harvard.
As for the common-area amenities, residents will be able to enjoy a business center, a state-of-the-art fitness center, a virtual game room, two luxury swimming pools, landscaped walking paths and a dog station.
Targeting young urban professionals, 4110 Fairmont is built to meet a current market demand for superior apartments at competitive rents, located near Dallas’ central business district, according to Mark Alfieri, COO of Behringer Harvard Multifamily REIT I Inc. The units will be built to condominium-quality specifications and offer as many as two bedrooms and two-and-a-half baths.
According to a Marcus & Millichap report, rents in the DFW area will rise in 2012 by about 3.4 percent, as illustrated in the chart at left. The strongest gains in Dallas have occurred in the East and Oaklawn/Uptown/CBD submarkets.
Photo credits: www.facebook.com/BehringerHarvardResidential
Chart courtesy of Marcus & Millichap