Taking Advantage of Low Levels of Apartment Vacancies
- Feb 24, 2015
Dallas—Wood Partners has broken ground on Alta Yorktown, a 226-unit multifamily property one mile west of downtown Dallas. Next to the new Trinity Groves restaurant retail and entertainment district, the infill development will be completed by the second quarter of 2016.
According to Marcus & Millichap, the slump in the price of oil might ease employment momentum in DFW, but the economy is diverse enough to promote sustained apartment leasing in 2015 and beyond. Job creation, net migration and household formation are driving renter demand in the area, and apartment vacancies will remain at historically low levels during 2015 despite surging deliveries this year, the company predicts.
Wood Partners’ new property, at 660 Yorktown St., will include studios and one-, two- and three-bedroom units, with monthly rents averaging just more than $1,300, which is roughly comparable to new property rents in DFW. Interior finishes include granite countertops, stainless steel appliances, Shaker wood cabinets and faux wood flooring. The apartments will also feature wireless technology packages.
Common amenities will include a pool and interior courtyard, and residents will have access to grilling stations and fire pits for year-round social activities. There will be 333 total parking spaces and a small retail parcel. The seller has retained a one-acre parcel of the larger tract for additional retail development.
Good, Fulton and Farrell designed the property. Wood Residential Services, Wood Partners’ property management division, will manage the property.