Top 10 Dallas Communities Under Development
Offering a business-friendly climate and no state income tax, the metro is a favorite of both domestic and foreign investors. As a result, it leads the U.S. metros in units under construction.
By Razvan Cimpean
With a business-friendly climate and no state income tax, Dallas is an important target for both domestic and foreign investors. In the past year, Dallas has seen strong absorption due to job growth and population gains and leads the U.S. metros in units under construction. However, rent growth is starting to slow down, after more than a year of significant increases.
This list highlights the metro’s top 10 communities under development, based on unit counts, according to Yardi Matrix data.
10. Terra Lago
Pillar Income Asset Management is developing the 447-unit Terra Lago at 7000 Scenic Drive in Rowlett, Texas. Expected to be completed at the beginning of next year, the community will feature studios and one-, two- and three-bedroom apartments, ranging from 803 to 1,591 square feet. The two-building asset will offer convenient access to President George Bush Turnpike, as well as to multiple schools, including Keeley Elementary School, Vernon Schrade Middle School and Rowlett High School. Community amenities will include a conference room, bicycle storage, business center and two swimming pools.
9. Jefferson Woods
JPI has two communities under construction in Richardson, with Jefferson Woods being the largest one. The 456-unit luxury community is located near the intersection of North Central Expressway and Glenville Drive, just off U.S. Route 75. The property is also one mile from Spring Creek Nature Area, a 58-acre area with almost five miles of hike and bike trails. Designed by JHP, the asset is scheduled to begin delivering units in the summer of 2018, with construction completion anticipated for March 2019. The firm also landed recently financing for a 172-unit luxury San Diego community.
8. Broadstone Evoke
Broadstone Evoke, a 459-unit property in Plano, is Alliance Residential Co.’s largest Dallas community yet. In 2015, the firm secured a $46.8 million construction loan from U.S. Bank for the upcoming building. Scheduled for completion by the end of the year, the asset will feature one-, two- and three-bedroom apartments, ranging from 600 to 1,449 square feet. Pre-leasing started in March and, as of July, the property was 19 percent occupied. Community amenities will include a fitness center, business center, clubhouse, swimming pool and more than 450 parking spaces.
7. The Katy
Located at 3033 N. Houston St. in Dallas, The Katy, Genesis Real Estate Group’s 461-unit luxury asset, will sit less than a mile from Interstate 35E and less than two miles from Woodall Rodgers Freeway. Scheduled for completion by the end of October, the three-building, seven- and 30-story property features 2,000 square feet of ground-level retail space and a lounge deck on the ninth level with a glass fireplace, two outside fire pits, barbecue grills and a private dining area. The community will also offer a 6,000-square-foot rooftop with a dog park, as well as a swimming pool, business center, fitness center and more than 600 parking spaces.
6. Elan Flower Mound
Owned and managed by Greystar, Elan Flower Mound is a 466-unit development located at 2601 Lakeside Parkway in Flower Mound. The 13-building, four-story property will offer one-, two- and three-bedroom apartments. Square footage will range from 493 to 1,848. Pre-leasing is expected to start next month, with completion scheduled within the first fewmonths of 2019. Elan Flower Mound will feature a fitness center, business center, swimming pool, bocce ball court and theatre center. Greystar is also developing nearby the 200-unit Overture Flower Mound, as well as the 146-unit Elan Menlo Park in Menlo Park, Calif.
5. Sloane Street
Coming in at number five is Billingsley Co.’s Sloane Street, a 500-unit community at 4220 Sloane St. in Carrollton. This will be the first phase of apartments and townhomes near Midway and Park, adjacent to the firm’s commercial development, International Business Park. The eight-building asset will offer convenient access to President George Bush Turnpike and Dallas North Tollway. Sloane Street will feature one-, two- and three-bedroom apartments and more than 850 parking spaces. Community amenities will include a swimming pool and fitness center.
4. Preston Hollow Village Phase II
The second phase of Preston Hollow Village, a 526-apartment property, is Provident Realty Advisors’ biggest Dallas community under development. Located off U.S. Route 75, the three-building asset will offer easy access to multiple dining and shopping options, including Corner Shopping Center and The Shops at Park Lane. Expected to be completed by the end of the year, the community will feature studio, efficiency, one-, two- and three-bedroom apartments, ranging from 393 to 2,356 square feet. This phase will also include 25,000 square feet of retail space, a fitness center, business center, clubhouse and two swimming pools. In April 2016, the developer secured a $130 million construction loan from Fifth Third Bank. The property is part of a five-phase project that will include 1,200 apartments, 300,000 square feet of retail and boutique office space and a 3-acre park designed by OJB Landscape Architecture.
3. The Flats at Alta Palisades
Located at 2625 Empire Drive in Richardson, The Flats at Alta Palisades is the largest community under construction in the submarket. Developed by Wood Partners, the seven-building, 575-unit property will feature studios and one, two- and three-bedroom apartments. Pre-leasing started in March, with completion scheduled for May 2018. As of June, the community was seven percent leased. The Flats at Alta Palisades will offer convenient access to U.S. Route 75, President George Bush Turnpike, as well as to public transportation, shopping and dining options. Community amenities will include a fitness center, business center, clubhouse, two swimming pools and more than 800 parking spaces. Wood Partners is also building the 94-unit 28TWENTYEIGHT at 2828 Woodside St. in Dallas, expected to be completed by the end of November.
2. The Hudson
The second community on this list developed by Billingsley Co., The Hudson is a 703-unit asset in The Colony. Located at 3075 Painted Lake Circle, the 28-building asset will sit three miles from Sam Rayburn Tollway and Dallas North Tollway, offering easy access to multiple shopping and dining options. Scheduled for completion in July 2018, the property will feature one-, two- and three-bedroom apartments, ranging from 609 to 1,704 square feet. Pre-leasing started in August 2016 and The Hudson was 45 percent occupied in July this year. Community amenities will include a spa, swimming pool, clubhouse, business center, fitness center and covered parking. Aside from Sloane Street, Billingsley Co. is also developing the first phase of The Brickyard, a 401-unit multifamily property located at 2061 Wittington Place in Farmers Branch.
The largest community under development in Dallas is Davis Development’s 815-unit Verus, located at 3100 Ohio Drive in Frisco. The three-building property is adjacent to the Stonebriar Center and the Sam Rayburn Tollway. The asset will also offer convenient access to multiple schools, including Arkaso Preschool, Ruth Borchardt Elementary School and Lamar and Norma Hunt Middle School. Scheduled for completion by the end of 2018, the asset will offer one-, two- and three-bedroom apartments, ranging from 667 to 1,372 square feet. Community amenities will include a fitness center, clubhouse, three swimming pools and nearly 1500 parking spaces. Davis Development is busy in Dallas, constructing more than 1750 apartments in five different communities. In Frisco, the company is also developing the 100-unit Sovereign Preston Road at 9440 Stratton Drive.