A California developer has started work on the first of two shared apartments he is planning in the North Oak Cliff neighborhood of Dallas.
Los Angeles-based Banyan Residential pioneered its 279-unit Banyan Beckley Apartments on North Beckley Avenue near the Methodist Dallas Medical Center.
The property for the $ 55 million residential complex is on Julian Street west of the Trinity River. The five-story building replaces commercial buildings on the site.
“We are excited to expand Banyan’s development presence in a market as exciting as Dallas,” said Ben Brosseau, founder of Banyan Residential, in a statement. “The city continues to experience strong, unprecedented growth given its healthy labor market, affordable lifestyle, good weather and diverse entertainment options. It’s an excellent market to expand our core business. “
The Banyan Beckley Apartments are being built in partnership with Indiana-based real estate company Milhaus.
“We are very excited to partner with Banyan to expand into another state in the sun belt,” said Brad Vogelsmeier, Vice President of Development at Milhaus. “Dallas has everything we’re looking for in new markets – culture, a diverse economy, dynamic neighborhoods that support local businesses, and plenty of opportunities for future growth.
“We look forward to expanding our presence in Dallas and across Texas.”
Dallas architect JHP designed the Oak Cliff project, which features a view of the city skyline across the Trinity River.
The community of flats is to be opened in 2023.
Scott Lake, Jake Milner and Mike Lester with Davidson & Bogel Real Estate brokered the sale of the property.
Banyan Residential is working on a second project in the neighborhood called Banyan Bishop Arts that will include an additional 287 units in Beckley near Interstate 30.
The developer is currently working on multi-family projects valued at $ 750 million with more than 3,300 units in Scottsdale, Phoenix and Tempe, Arizona, as well as Houston, Dallas and Denver.
/cloudfront-us-east-1.images.arcpublishing.com/dmn/YGJWM373DZBTNCHSZA7RN5ICSI.jpg)
[ad_1]
