Trammell Crow Residential announced plans to build a luxury apartment project near American Airlines Center. The high-rise would include 365 apartment units within a 12-story residential tower and a five-story building.
The two-building property, called The Alexan, will also include a 5,000-square-foot restaurant on the ground floor of the tower, according to the Dallas Business Journal. The Dallas-based developer also plans to build a 616-parking-space underground garage for residents.
The architect of the luxury project, Good Fulton & Farrell, projected a waterfall-inspired property. “We’ll have a flowing waterfall behind the sign and incorporate it into our pool area and courtyards,” the Dallas publication quoted Steve Bancroft, senior managing director of Trammell Crow Residential, as saying.
TCR plans call for a completion date by June 2015, with the first apartments scheduled to be ready in the third quarter of 2014. Monthly rents will start at $1,300 and will reach to more than $4,500 for a penthouse.
Back in November, TCR also announced it would build a 200-unit apartment community in Oak Cliff, on the banks of the Trinity River. The project is expected to break ground in February 2013 and is reported to cost about $19 million. Read more about the four-story apartment project in Multi-Housing News.
According to a Marcus & Millichap report on the multifamily market in the Dallas-Fort Worth area, 9,600 of the 15,000 units under construction list a 2013 delivery date, which will stem vacancy reductions this year, and the pipeline has grown to include roughly 35,000 planned and proposed apartments. Moreover, in 2012, growth in asking rents reached 3.4 percent, pushing the average throughout the Metroplex to $823 per month, as illustrated in the chart at left.
Photo of the Alexan Deer Park Apartments property, developed by Trammell Crow Residential in Deer Park, Texas.
Charts courtesy of Marcus & Millichap Research Services.
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