The booming neighborhood of West Dallas is getting another residential project.
Dallas-based Larkspur Capital has acquired land on Fort Worth Avenue for the 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 single-family and rental housing projects have focused on suburban locations, we are pursuing an urban submarket perspective given the high tenant demand and the high entry barriers for building this type of product in urban cores.
“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; Hiking trails, dog runs and pocket parks are planned on the entire property. The new community will also have a clubhouse and pool.
“The units have their own courtyards and garages, which add a significant rent premium compared to traditional apartment buildings,” said Anderson. “The average unit size of 1,600 square feet is much larger than a typical apartment and covers the growing market for large-format rental products, only exacerbated by the sharp appreciation in home prices and the housing shortage we are experiencing.”
JHP Architects designed the new building and Garthoff Design is the landscape architect. OHT Partners LLC (formerly Oden Hughes) is the general contractor on the project.
And the Veritex Community Bank provides the project financing. Clint Coe and Will Mogk from 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 Dallas Deep Ellum neighborhood last year.
The Fort Worth Avenue project is just 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.