New Luxury Community Lands in Dallas’ Preston Center
- Dec 21, 2015
Dallas—NorthMarq Capital recently arranged joint-venture equity for a luxury multifamily development in Dallas’ Preston Center.
The Laurel will feature 164 luxury upscale units and will be located in one of Dallas’ premier office, retail and residential centers. The new community will offer best-in-class condo-quality finishes in the northeast corner of Preston Road and Northwest Highway, and will be surrounded by the prestigious Park Cities and Preston Hollow neighborhoods.
NorthMarq Capital worked on behalf of the developer, Transwestern Development Co., to source a joint venture with JP Morgan Asset Management. Stephen Whitehead, senior director of NorthMarq Capital, led the project.
“This was a very exciting project to work on with significant interest generated for this high barrier location. It took tremendous effort by Transwestern for more than 18 months to work with the neighborhood and the city to come up with a plan that would work for everyone,” said Whitehead. “This luxury product will be comprised of larger homes that cater to the nearby down-scaling and renters-by-choice that want to stay in this prestigious neighborhood with the bonus of the adjacent Preston Center amenities.”