RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …
Texas
AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale
DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.
DALLAS — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income community in Dallas. Fifty percent of units will be reserved for households earning at or below 80 percent of the area median income (AMI). Ascent at Mountain Creek will comprise 14 three-story buildings and offer one-, two- and three-bedroom floor plans. The development is scheduled to be complete in September 2024, with early lease-up beginning in October 2023.
FORT WORTH, TEXAS — Palladium USA and the Fort Worth Housing Finance Corp. (HFC) will break ground on April 6 on Palladium Oak Grove in Fort Worth. The total cost of the project is approximately $60 million. Funding sources include $25.6 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and issued by the Texas Department of Housing and Community Affairs. PNC Bank provided more than $23 million of equity. The property was designed by Cross Architects. Treymore Construction is the general contractor teaming up with the Fort …
ALLEN, TEXAS — Locally based Wolverine Interests is moving ahead on Allen City Center, a mixed-use development in the central business district of Allen, 26 miles north of Dallas. The project has been in the planning phases since at least 2019, when zoning was approved for the 12-acre site according to the Dallas Morning News. In addition to retail, office and parks, Allen City Center will include 392 apartments. Construction will begin this summer and is expected to be complete by the summer of 2024.
WEATHERFORD, TEXAS — TruLife Communities and Advenir Oakley Capital have started construction on LEO at Bethel Place, a 200-unit build-to-rent (BTR) development in Weatherford, which is 30 miles west of Fort Worth, Texas. TruLife Construction, an affiliate of TruLife Communities, is the general contractor. The community was designed by Gaylen Howard Laing Architects of Arlington, Texas, and will be managed by Advenir Living. LEO at Bethel Place is expected to be completed by December 2024, with the first units delivering in the fourth quarter of 2023. Monthly rentals rates are …
SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …
DENTON, TEXAS — Wood Partners has opened Alta Denton Station in Denton, about 40 miles north of Dallas. Alta Denton Station offers 248 one-, two- and three-bedroom units with features such as stainless-steel appliances, granite countertops and in-unit washers and dryers. Rent begins at $1,275 per month for a one-bedroom unit, according to the property website. Amenities include a clubhouse, fitness center, pet facilities and a pool with a courtyard and grilling areas. Wood Partners broke ground on Alta Denton in December 2021. The Atlanta-based company currently owns 70 properties …
HOUSTON — High Street Residential and Daiwa House Industry Co. are developing River Oaks at Westheimer in Houston. The building will rise 12 stories and offer 209 one- and three-bedroom units, as well as 2,900 square feet of ground-floor retail space. Amenities include work space, a reading room, fitness center with a yoga room, pool, lounge, dog park and pet-grooming room, bike storage, and EV charging stations. The first units will be complete in 2025. Sumitomo Mitsui Trust Bank is providing construction financing for the project. Zeigler Cooper Architects is …