FRISCO, TEXAS — Rosewood Property Co. and equity partner MetLife Investment Management, the institutional asset management business of MetLife, have broken ground on Penrose, a 382-unit property in Frisco.
Located on a 5-acre site at 4301 Tributary Way, Penrose is a part of the Southstone Yards masterplan, a pedestrian-oriented, 45-acre, mixed-use project featuring multiple phases of development with such uses as office, residential, restaurant, hotel and green space. Completion of the greater Southstone Yards development is slated for 2030, while Dallas-based Rosewood is estimating a fall 2027 completion date for Penrose.
The development team includes Hensley Lamkin Rachel (architect), LandDesign (landscape design), B2 Design Co. (interior designer), KFM (civil engineer) and OHT Partners (general contractor). Veritex Community Bank and Associated Bank are serving as the lenders.
Penrose’s amenities include a clubhouse, fitness center, coworking space, a wellness area with a sauna and cold-plunge pools, a golf simulator, resort-style pool and more.