Presidium Breaks Ground on Dallas Apartments
- Aug 21, 2020
Multifamily developer Presidium has started construction on its first new project since the onset of the pandemic by breaking ground on a 290-unit rental community in Dallas County. The four-story property in Grand Prairie, dubbed Presidium Hill Street, is backed by financing from Veritex Community Bank and is slated for full completion by mid-2022.
The project is located at 1610 Hill St., just east of Highway 161 and south of Interstate 30. Grand Prairie approved zoning for the more than 13-acre project between Dallas and Fort Worth in the summer of 2019, and Presidium filed plans with the state earlier this year. The developer is investing $36 million the project, according to a report this past March by The Dallas Morning News.
Designed by O’Brien Architects, the property features Energy Star and energy-efficient systems, with each unit surpassing the latest energy code requirements. The apartments will have 9-foot ceilings, wood-style flooring and designer lighting and plumbing fixtures. Community amenities will include a resort-style pool, rooftop terrace, fitness center and business lounge as well as air-conditioned corridors and elevators.
Moving dirt in DFW
Presidium has around $2 billion in assets under management, with a portfolio that includes multifamily, student housing, office, retail and land. The new apartment project brings the company’s portfolio to more than 2,600 multifamily units either delivered or under construction. In May, the firm completed the first phase of Presidium at Edgestone, a 188-unit luxury senior housing community in Frisco, Texas.
Earlier this month, Hines broke ground on the first phase of Wildflower Ranch, a master-planned community that will bring 3,300 single-family homes to a 1,100-acre site north of Fort Worth. Delivery for the initial homes is scheduled for summer 2021.
The metro area continues to see investment activity. JPI just announced it has sold five multifamily communities in suburban Dallas totaling nearly 2,000 units to an affiliate of Lone Star Funds, marking the developer’s largest single transaction in 15 years.