Developers have their eye on the Love Field-Medical District areas, and a new residential community is underway.
Fairfield Residential recently purchased about six acres near Denton Drive and Inwood Road for a 350-unit apartment complex. Fairfield has ten residential developments in the DFW area, including the upscale 21 Forty Medical District, Cantabria at Turtle Creek, and Rienzi at Turtle Creek.
Two blocks just south of Love Field along Inwood Road and Sadler Circle will be cleared for the as-yet-unnamed project. The land is currently occupied by a handful of commercial buildings. Demolition is slated for completion by the end of 2015.
Development in this area is gaining momentum, driven in part by the expanded air services at Love Field, as well as growth of the Medical District, like the Parkland expansion. The location is a big factor, too.
“That little pocket of real estate is booming right now—I actually showed a property there this morning to a woman who works at Parkland,” said David Maez, Broker, Creative Director, and Co-Founder of Vivo Realty. “It’s a great location for potential tenants, close to Uptown, downtown, and the airport, as well as the Tollway for people that need to commute up north.”
Developers who have already created residential developments in this area are Trammell Crow Residential, Encore Multi-Family, JLB Partners, and Wood Partners.
Maez says this part of town appeals to young residents, in particular.
“These are often millennials that are not afraid to go into the area and be the first on the scene,” he said. “I’ve seen a lot of that, like in the Henderson area, too. Parts of town that used to be a bit run down are changing.”
A representative from Fairfield was not available today to comment, but Zach Johnson, Vice President of Central/Southwest and Student Housing, told the Dallas Morning News this development’s location across the street from DART’s Inwood/Love Field light rail station was an attraction.
“Transit-oriented locations are certainly of interest to us,” Johnston told Real Estate Editor Steve Brown. “We like this whole area.”
Fairfield Residential Company LLC is active in 40 markets across the country and is partnered with their majority owner, Brookfield Asset Management, a global asset manager focused on real estate, renewable power, and infrastructure assets.