Dallas–Developed to catch the eye of the discriminating renter in Dallas, The Avery on Southwestern has also attracted the attention of the National Association of Home Builders. The housing industry trade association recently announced its national Pillars Awards for 2010 and honored ZOM Inc., developer of the 422-unit luxury multifamily property, with its 2010 Best Garden Apartment Community Award.
Avery, located at 8910 Southwestern Blvd. in north central Dallas’ East University-Vickery submarket, occupies a site that had been home to a multifamily property that had seen better days. ZOM brought in JHP Architecture to design an apartment community with a unique, eye-catching exterior that would match an equally alluring interior. The result of JHP and ZOM’s work is a resort-style residential village targeted to the progressive and affluent crowd. Among the development’s features that helped garner the NAHB award are hotel-style pools with floating tanning decks, a clubhouse with a bar and iPod docking station, and one- two- and three-bedroom residences with stylish top-of-the-line amenities.
Avery’s distinctive, award-winning features constitute just one of the factors that position the property for success; there is also the matter of market conditions. Dallas is faring better than most cities. With an unemployment rate that dropped 10 basis points to 7.9 percent in the fourth quarter, Dallas is experiencing a resurgence in job growth, which, along with reduced construction and young adults reestablishing independent households, is bolstering the apartment market, according to a fourth quarter report by Marcus & Millichap Real Estate Investment Services. And upscale properties like Avery are benefiting the most. “Demand has strengthened most significantly for higher-quality Class A units, which account for the majority of apartments absorbed year to date.”