First Phase of Lake Highlands Town Center in Dallas Breaks Ground
- Aug 27, 2012
Dallas—A 200-unit mixed-use multifamily development is under construction in the first phase of Lake Highlands Town Center in Dallas. Developed by Prescott Realty Group and its equity partner, Austin-based Cypress Real Estate Advisors, Inc., the Town Center has been under horizontal development the last several years, during which time the infrastructure for the ambitious project was built.
The mixed-use development under construction will feature a mix of one-, two-, and three-bedroom units sized from 505 to 1,250 square feet, as well as 7,450 square feet of retail. The apartment homes will include a number of upscale touches, including 9- to 10-foot ceilings and upgraded appliances and finishes.
Common areas will be distinguished by a clubhouse, modern fitness center and resort-style pool. The enjoyment sure to be experienced in outdoor dining areas on the property will be enhanced by views of the Town Center park and lake.
Apartment homes in the conventional HUD-loan-financed development will rent for market rates that are expected to extend from $950 to $1,950. Twenty percent of units are set aside for workforce housing, and are available to entry-level teachers, fire fighters, police officers, private sector employees, entrepreneurs and others who earn 80 percent of area median income.
Development of the first phase of Lake Highlands Town Center made sense for a number of reasons. “The Lake Highlands area has not seen any significant new multifamily development in more than a decade,” Taylor Stone, managing director overseeing Prescott’s multifamily group, tells MHN.
“During the economic downturn, the Lake Highlands area of east Dallas remained one of the strongest single-family markets in all of Dallas-Ft. Worth. Also, the Lake Highlands Town Center will become the epicenter of the Lake Highlands area upon build-out. Couple these facts with the continued recovery of the local multifamily market and the strength of the Richardson School District, and the timing and location for this development could not be better.”
The biggest hurdle that confronted Prescott Realty Group was the economic downturn that began in earnest in 2008 and is still reverberating to some extent. “Prescott overcame this by being patient, and waiting for the market to return, as well as [by] securing the appropriate financing for the project,” Stone says.
Stone feels Lake Highlands Town Center will give the neighborhood a place to live, work and play. The proximity to the DART rail line will allow residents to commute to work, and visit entertainment venues throughout the Metroplex without need for private vehicular transportation.
“In addition, they can play in the park next to the property, exercise along the White Rock hike and bike trail, and shop and dine in the Town Center,” Stone says. “The first phase will kick off the redevelopment for the overall project, and serve as the catalyst for the Town Center.”