Hunt Cos. Picks Pinnacle to Manage Nearly Complete Apartments
- Oct 14, 2016
Richardson, Texas—The Hunt Cos. has tapped Pinnacle, a major multifamily management firm, to manage the Mallory Eastside, a 281-unit apartment community in Richardson, Texas, a northern suburb of Dallas-Fort Worth. The property is currently under construction, having obtained a $27 million construction loan last year from Compass Bank.
The Mallory Eastside Apartments, at 1705 North Greenville Avenue in Richardson’s telecom corridor, will offer studio, one-, and two-bedroom units. Common amenities will include a rooftop deck, pool with cabanas, an entertainment area, fitness center, zen courtyard and open-air park.
The property will also sport a number of grilling stations, picnic areas, private yards, garages, and pet wash and bike repair stations. An onsite City of Richardson Art Park will house original works of art designed by artist Ed Carpenter, who specializes in large-scale public installations, ranging from architectural sculpture to infrastructure design.
“The Mallory’s rooftop lounge will create a sense of community among residents, and the 70-foot lighted sculpture will be an iconic draw visible from the neighboring roadways,” explains Toni Rials, Pinnacle regional vice president for the North Texas Market. The property will start leasing just ahead of its anticipated completion next month.
Economic growth in North Texas continues to support healthy fundamentals in the DFW apartment market, according to Marcus & Millichap. Corporate expansions in particular are benefiting apartment operations locally, including the growth of companies in the area such as Charles Schwab and TD-Ameritrade. That activity is driving in-migration to the Metroplex, and boosting the number of households in the metro.
Developers—such as the Hunt Cos.—are responding to the fundamentals. After completing 16,400 apartments last year, builders are on track to deliver 24,700 rentals in 2016, Marcus & Millichap reports, the largest number of completions since 2000. The Intown Dallas, the Colony/Far North Carrollton and Richardson submarkets will each receive a significant number of deliveries.