Top Multifamily Completions in Dallas
- Aug 27, 2019
Boosted by a diverse economy, Dallas-Fort Worth is one of the most dynamic multifamily markets in the U.S. Developers have delivered more than 102,000 units since 2014, with another 44,200 units underway, half of which are slated for completion by the end of the year. However, even though by sheer number of apartments underway the metro ranks first in the country, when looking at the numbers by the percentage of the existing stock that new deliveries account for, DFW hasn’t cracked the top five markets in the country, a testament to the market’s—still growing—size.
By July, developers added 10,612 units to the multifamily housing stock, accounting for 1.6 percent of total stock, 40 basis points above the national figure. Using Yardi Matrix data, we’ve compiled a list with the largest communities delivered during the first seven months of the year, grouped by DFW’s main three regions: North Dallas, Fort Worth and Suburban Dallas.
By July, 6,184 units in 19 properties came online in North Dallas. Of those, 14 communities—totaling 2,624 units—are located in the North Frisco/West McKinney submarket.
The largest of all deliveries in DFW by July, Verus offers 815 units spread across more than 16 acres at 3100 Ohio Drive in Frisco. Owned and managed by Davis Development, it was completed in March, and by June it was 91.2 percent occupied. The three-building property was constructed with financing from BOK Financial ($31 million) and SunTrust Bank ($26 million).
The unit mix at the community comprises one- to three-bedroom floorplans ranging from 665 to 1,372 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a media room, three swimming pools and 1,477 parking spaces.
The 12-building community at 8655 Brookhollow Blvd. in Frisco, totals 500 one- to three-bedroom units ranging from 660 to 1,450 square feet. Owned and managed by Westwood Residential, the property was delivered at the end of June and received a nearly $48 million construction loan from Commerce Bank.
Community amenities include a fitness center, a clubhouse, a swimming pool, energy-efficient heating and air conditioning and 800 parking spaces.
Overlooking Lake Ray Hubbard, this two-building, 451-unit community occupies nearly nine acres at 9701 Terra Lago Court in the City of Rowlett. Completed at the end of May, Pillar Income Asset Management’s property is managed by SunRidge Management Group. In 2015, a construction loan in the amount of $50 million was issued by Macquarie Bank.
The unit mix comprises one-, two- and three-bedroom floorplans ranging from 753 to 1,591 square feet for an average rent of $1,428 per month. Community amenities include a fitness center, a business center, a clubhouse, two swimming pools and 700 parking spaces.
The area’s CBD is beginning to garner more interest from employers and as consequence, demand for multifamily housing is on the rise. By July, developers added 2,681 units in 11 properties to Fort Worth’s stock, 907 of which are located Downtown.
The 372-unit community located at 1424 Summit Ave. is owned by Trammell Crow Residential and managed by Lincoln Property Co. Delivered in May, the property was funded through a $46 million construction loan issued by U.S. Bank.
The asset comprises studios and one- and two-bedroom floorplans ranging from 507 to 1,350 square feet, while rents average $1,699 per month. Common-area amenities include a fitness center, clubhouse, community room, swimming pool and electric charging stations.
The five-building, 362-unit community is located at 3964 Watercourse Drive and was completed in late June. Wood Partners owns the property and Wood Residential Services handles property management duties. Construction financing totaling $39 million was issued to finance the development: $25 million funded by Zions Bank and $14 million by American National Bank of Texas.
The unit mix consists of studios and one- to three-bedroom floorplans, ranging from 565 to 1,414 square feet. Interiors feature high ceilings, washers and dryers and private balconies/patios in select units. Community amenities include a fitness center, business center, clubhouse, community room and swimming pool.
Broadstone on Fifth
Alliance Residential Co. owns and manages this 345-unit community spread across nearly three acres at 500 Energy Way. It came online in March and has a $43 million construction loan attached, originated by Capital One.
Studios, one-, two- and three-bedroom floorplans form the unit mix and range from 425 to 2,150 square feet for an average of $1,839 per month. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool and 246 parking spaces.
The third most active area of Dallas, in terms of both construction activity and actual deliveries, Suburban Dallas had 1,747 units in eight communities delivered during the first seven months of 2019.
With nearly 3,900 units under construction in Dallas, the most active developer in the metro—JPI—delivered this 424-unit asset at the end of June. Located at 1901 Knightsbridge Road in Farmers Branch, the community is managed by ZRS Management. Delivered in June, the property was financed through a $42 million construction loan originated by Prosperity Bank.
Residents can choose from one- to three-bedroom floorplans ranging from 620 to 1,823 square feet for an average rent of $1,742 per month. Interiors feature high ceilings, washer and dryer units, walk-in closets, private balconies/patios in select units, while mezzanine or two-story units have private rooftop decks.
Oxford at Lakeview
The five-building property occupies more than nine acres at 3300 South Garrison Road in Corinth. Oxford Enterprises owns and manages the 240-unit community that was delivered in May and received a nearly $24 million construction loan from First United Bank and Trust Co.
The unit mix is made of one-, two- and three-bedroom floorplans ranging between 659 and 1,353 square feet and the average rent was $1,369 as of July. Community amenities feature a fitness center, a business center, a clubhouse, a swimming pool, a spa and 250 parking spaces.
EMLI at Liberty Crossing
Located in the City of Wilmer, this 240-unit community is fully affordable. The property is owned by Liberty Multifamily and managed by Capstone Real Estate Services. Delivered in May, it was built with a nearly $40 million construction loan originated by Barings.
Units comprise one- to four-bedroom floorplans ranging from 759 to 1,218 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a playground and a children’s playroom, a swimming pool, laundry facilities and 521 parking spaces.