LPC, Daiwa House Team Up to Build Fort Worth Apartments
- Mar 17, 2014
Lincoln Property Co. (LPC) has entered into a strategic partnership with Daiwa House Industry Co., Ltd. of Osaka, Japan, to develop and manage U.S. apartments.
The joint venture’s first collaboration will be the Berkeley Project, a two-phase rental apartment community near Fort Worth’s cultural district, which will eventually feature 716 multi-family units.
Phase I of the project included the development of 406 apartment units, which have been in operation since 2008. LPC estimated total project costs to reach $78 million, as previously reported by Commercial Property Executive. As part of the newly formulated agreement, Daiwa House will purchase Berkeley I from LPC, with plans to kick off the second phase of the development, a 310-unit apartment community dubbed Berkeley II, in April 2014.
Plans call for a three-story, low-rise residential complex offering a mix of one- and two-bedroom apartments. Units will range in size from 671 to 1,386 square feet. Common amenities include a swimming pool, dog park, business center, sports gym and BBQ corner. Additionally, the gated community is designed to score high in terms of safety and security. Construction is expected to be complete in 2015.
According to Daiwa House, Berkeley Apartments will be specifically targeted at Generation Y – people born between 1975 and 1989 – particularly “Texas-based upper-income professionals, teaching staff and students from neighboring Texas Christian University and those working in the medical field.”
Through its U.S. subsidiary Daiwa House California, Daiwa House plans to purchase and develop $1.5 billion worth of rental properties in the U.S. over the next three years. Moreover, the firm plans to further expand its U.S. footprint and invest in the distribution warehouse and subdivision housing market, according to The Dallas Morning News.
Headquartered in Dallas, LPC is a leading real estate company focused on creating quality residential communities. LPC currently operates in more than 200 U.S. cities as well as 10 countries in Europe.
Founded in 1955, Daiwa House is a housing, real estate and construction company specialized in the development of single-family houses, rental housing, condominiums, commercial facilities and general business-use buildings.
The Berkeley Luxury Apartment Homes via official website