By Dees Stribling, Contributing Editor
Allen, Texas—Work is under way on a $50 million, 444 unit-development apartment in suburban Dallas, as part of a larger joint venture by Catlyn Capital Corp. and TDI Real Estate Holdings LLC. The JV is also finalizing construction plans on additional properties in the metro Phoenix, Dallas and Austin markets.
All together, the JV is capitalized to the tune of $500 million. According to the partners, they will invest in multifamily properties in core markets characterized by job growth and limited supply. In addition to the TDI/Catlyn venture, TDI currently has 800 units under construction valued at $200 million.
The suburban Dallas property is on 19 acres in Allen, Tex., about 20 miles north of the city. It will include nine residential buildings of three stories each, a separate clubhouse, and surface or garage parking options. The units will offer from one to three bedrooms, as many as two baths, and be an average of 943 square feet each.
“The construction site is within the path of growth for the northern metro area,” says Mark T. Alfieri, COO of Behringer Harvard Multifamily REIT I Inc., which helped provide mezz financing for the construction of the property. “We believe the community will appeal to young professionals.”
The mezz investment was made through a JV between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds. The portfolio of Behringer Harvard Multifamily REIT I includes investments in 48 multifamily properties in 14 states comprising more than 13,000 units.