The booming neighborhood of West Dallas is getting another residential project.
Dallas-based Larkspur Capital has acquired property on Fort Worth Avenue for a 146-unit rental project in the city.
The 8.5 hectare facility will be opposite the landmark Belmont Hotel.
“While we’re trying to capitalize on the growth in the Fort Worth Avenue micromarket, we’re also just around the corner from Trinity Groves and Bishop Arts and have a direct shot downtown,” said Carl Anderson of Larkspur Capital. “While most of the single-family and rental housing projects have focused on suburban locations, given the high tenant demand and the high entry barriers for building this type of product in urban cores, we are pursuing an urban submarket perspective.
“Of course it’s not easy to build so much land in the middle of the city, but we made it here and at a few other locations in our pipeline.”
Anderson said the rental housing project on Fort Worth Avenue will focus on green spaces, with walking paths, dog runs, and pocket parks planned across the property. The new community will also have a clubhouse and pool.
“The units have their own courtyards and garages, which add a significant rental price premium compared to traditional apartment buildings,” said Anderson. “The average unit size of 1,600 square meters is much larger than a typical apartment and covers the growing market for large-format rental products, which has only been exacerbated by the strong appreciation in home prices and the housing shortage that we are experiencing.”
JHP Architects designed the new building, Garthoff Design is the landscape architect. OHT Partners LLC (formerly Oden Hughes) is the general contractor for the project.
Veritex Community Bank is providing the project finance and Clint Coe and Will Mogk of Jones Lang LaSalle arranged the equity.
J. Scott Lake and Jake Milner from Davidson & Bogel Real Estate brokered the sale of the property together with Lane Kommer from Henry S. Miller Brokerage.
Larkspur Capital has a track record of building urban housing projects in East Dallas and, more recently, Oak Cliff.
The developer also announced plans for a 200-unit apartment project in the Deep Ellum neighborhood of Dallas last year.
The Fort Worth Avenue project is the latest in a series of new developments along the thoroughfare west of downtown Dallas.
StoryBuilt Homes is working on a 12 acre mixed use residential and commercial project on Fort Worth Avenue and Commerce Street.
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