Rental home project underway in booming West Dallas neighborhood
The booming West Dallas neighborhood receives another residential project.
Dallas-based Larkspur Capital purchased land on Fort Worth Avenue for the 146-unit townhouse rental project.
The 8.5-acre development will be across from the iconic Belmont Hotel.
âAs we look to take advantage of the growth of the Fort Worth Avenue micro-market, we are also on the corner of Trinity Groves and Bishop Arts and have direct access to downtown,â said Carl Anderson of Larkspur Capital. âWhile most single-family and built-for-rental rental projects have been concentrated in suburban areas, we take an urban angle given the level of tenant demand associated with the high barriers to entry for building this type of property. produced in the urban core. sub-markets.
âObviously it’s not easy to assemble this amount of land in the middle of town, but we’ve been able to do it here and at a few other sites in our pipeline. “
Anderson said the Fort Worth Avenue rental housing project will focus on green space; hiking trails, dog trails and pocket parks planned throughout the property. The new community will also have a club house and a swimming pool.
âThe units have their own yards and garages, which we have seen earns a considerable rent premium over traditional multi-family dwellings,â Anderson said. âThe average 1,600 square foot unit size is much larger than a typical apartment and responds to the growing market for full-size rental products, which has only been exacerbated by the sharp appreciation in home prices and the shortage of dwellings that we know of. “
JHP Architects designed the new development and Garthoff Design is the landscape architect. OHT Partners LLC (formerly Oden Hughes) is the general contractor for the project.
And Veritex Community Bank is providing funding for the project. Jones Lang LaSalle’s Clint Coe and Will Mogk organized the share capital.
J. Scott Lake and Jake Milner of Davidson & Bogel Real Estate negotiated the sale of the land with Lane Kommer of Henry S Miller Brokerage.
Larkspur Capital has a proven track record of building urban housing projects in East Dallas and more recently in Oak Cliff.
The developer also announced plans for a 200-unit apartment project in the Dallas Deep Ellum neighborhood last year.
The Fort Worth Avenue project is just the latest in a series of recent developments along the thoroughfare west of downtown Dallas.
StoryBuilt Homes is working on a 12-acre mixed-use project with housing and commercial space on Fort Worth Avenue and Commerce Street.