Dallas Apartment Market: City Added 5,300 Rental Units in 2015, Most in Urban Core

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Photo: Elan City Lights
Photo: Elan City Lights

In 2015, multifamily builders delivered 19 new apartment developments totaling more than 5,300 brand new apartments, according to the most recent numbers from RentCafe. If that seems like a lot, consider that 20 new apartment developments came on line in 2014, totaling more than 6,000 units.

So, who’s going to live in all of these apartments?

Folks who are just entering North Texas due to our hot jobs market, or those who can’t seem to find a single-family home in our scorching real estate market. Talk about growing pains, right? Plus, according to the latest numbers from Apartment List, rents are on the way up in Dallas, too, with a median one-bedroom unit fetching $1,260 per month and a median two-bedroom unit priced at $1,600 a month. The year-over-year increase for these types of properties is a whopping 4.9 percent. Yikes! I’m sure some people are saying this:

The Rent is Tood Damn High

So, which projects delivered on the most units? RentCafe used its Yardi Matrix data to find that Elan City Lights on Live Oak, right across from the vibrant Latino Cultural Center and just down the street from the Good Latimer Dart Rail Station in Deep Ellum, was the biggest apartment development to hit the market in 2015, bringing in 424 units. Of course, the location at Cantegral and Live Oak is all aces, as it’s close to mass transit, a stones throw from Deep Ellum culture, and near all the things you want to see and do in downtown Dallas.

As downtown Dallas and the surrounding areas add more and more density, expect a lot of this new housing to be rentals. In fact, more than half of RentCafe’s top 10 largest apartment developments of 2015 are located inside the Dallas urban core. The good news: One of the top 10 largest new apartment developments for 2015 is an office conversion inside downtown Dallas.

Jump to see the full list of the top 10 largest apartment developments of 2015:

10. One Dallas Center: 276 Rental Units

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Photo: One Dallas Center

Completed: 4/17/2015

Address: 350 North St. Paul Street, Dallas, TX 75201
Rental types: 230 one-bedroom apartments, 30 two-bedroom apartments, 16 three-bedroom apartments
Property size: 228,280 sq.ft.. 16-story building over 14 floors (266,000 sq.ft.) of office space
Short description: Green building – LEED – Certified Platinum. Prior name: Patriot Tower. 1,656 parking spaces. Covered parking is available for an additional $85/month. Resort-style pool with cabanas. Exclusive resident bar and lounge. 30th floor sky lounge. 5,000 sq.ft. fitness center. Outdoor grilling area. On-site bark park. Amazing Downtown views. Massage room. Conference center. Wood flooring throughout living rooms and kitchens. Pocket doors. Accent walls. Sonos surround sound.

9. VV&M Boutique Residential Living: 310 Rental Units

Photo: VV&M Rental
Photo: VV&M

Completed: 3/27/2015

Address: 5225 Verde Valley Lane, Dallas, TX 75254
Rental types: 48 one-bedroom/alcove apartments, 138 one-bedroom apartments, 118 two-bedroom apartments, 18 three-bedroom apartments
Property size: 284,998 sq.ft., five 4-story buildings (first floor includes parking)
Short description: 620 parking spaces. Covered parking +$35/month, detached garages +$100/month. Expansive pool deck with private cabanas, fireplace, and outdoor grilling kitchen. Resort pool, in-water private cabanas, and wet tanning lounge. Business lounge featuring iMac computers. Pet-friendly with private dog park. Media lounge. Walkable location adjacent to dining, nightlife, entertainment and shopping. High efficiency washer and dryer provided in every unit. Two designer interior schemes featuring either granite or quartz countertops and tile backsplashes.

8. Aura Prestonwood: 322 Rental Units

Photo: Aura Prestonwood
Photo: Aura Prestonwood

Completed: 10/5/2015

Address: 5519 Arapaho Road. Dallas, TX 75248
Rental types: 252 one-bedroom apartments, 70 two-bedroom apartments.
Property size:  267,155 sq.ft.
Short description: 515 parking spaces. Wood-style plank flooring in living areas. Custom carpet in bedrooms, and ceramic tile in all baths.  Energy efficient Whirlpool stainless steel appliances. Fitness center with cardio arena and free weights. Courtyard with lush landscaping, private nooks, fire pit and grilling area. Swimming pool. Pet-friendly community with dog park and dog-washing station.

7. SkyHouse Dallas: 336 Rental Units

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Photo: Skyhouse Dallas

Address: 2320 North Houston Street, Dallas, TX 75219
Rental types: 80 studios, 166 one-bedroom apartments, 72 two-bedroom apartments, 18 three-bedroom apartments
Property size: 263,333 sq.ft., 21- and 23-stories building (over 4,970 square feet of retail)
Short description: 450 parking spaces. Amazing location in Uptown Dallas. Rooftop pool with sweeping downtown views. Separate yoga and spin room. Concierge services available. Hardwood flooring in kitchen, living and dining room. Floor-to-ceiling windows with upgraded solar shades. Granite countertops with subway tile backsplash and Espresso-finished cabinets.

6. Locale: 348 Rental Units

Photo: Locale
Photo: Locale

Completed: 7/15/2015

Address: 3301 Hudnall Street, Dallas, TX 75235
Rental types: 15 studios, 240 one-bedroom apartments, 93 two-bedroom apartments
Property size: 298,843 sq.ft.,nine 3-story buildings (first floor includes parking)
Short description: 697 parking spaces. Covered parking +$35/month, detached garages +$125/month. Entertainment lounge with Wi-Fi café, serving bar, and TV gallery. Business center. Wellness center with highly-specialized Technogym cardio machines. Resort-style swimming pool with expansive tanning areas. Community pet park. Grilling areas with premium outdoor cooking equipment. Expansive 10′ ceilings. Pre-wired intrusion alarm.

5. Northrock Lake Highlands: 362 Rental Units

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Photo: Northrock Lake Highlands

Completed: 6/30/2015

Address: 6808 Skillman Street, Dallas, TX 75231
Rental types: 216 one-bedroom apartments, 119 two-bedroom apartments, 27 three-bedroom apartments
Property size: 302,148 sq.ft., nine 3-story buildings (first floor includes parking)
Short description: Green Building – LEED – Certified. Partially affordable (557 sq.ft. units are reserved for low income housing, 38 units are affordable). 760 parking spaces. Outdoor grilling stations. Fully equipped fitness center. Swimming pool. Dog park. 24h business center. Clubhouse. Whirlpool Energy Star stainless steel appliances. Wood-style plank floors. Granite countertops. Glass tile backsplash.

4. Olympus at Ross: 368 Rental Units

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Completed: 6/9/2015

Address: 3501 Ross Avenue, Dallas, TX 75204
Rental types: 35 studios, 222 one-bedroom apartments, 111 two-bedroom apartments
Property size: 303,645 sq.ft., 5-story building
Short description: Pool plaza with outdoor grilling stations. Smoke-free community. Electric vehicle charging station. Wellness studio with cross-fit inspired equipment, yoga, and spin room. Art room. Social lounge. 736 parking spaces. 10 Ft. ceilings. Quartz counters with contemporary glass tile backsplash. Keyless entry. Sleek stainless steel appliances package.

3. Alexan Fairmount: 368 Rental Units

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Photo: Alexan Fairmount

Completed: 9/22/2015

Address: 4210 Fairmount Street, Dallas, TX 75219
Rental types: 29 efficiency apartments, 227 one-bedroom apartments, 112 two-bedroom apartment
Property size: 306,700 sq.ft., 5-story building
Short description: 700 parking spaces. Pool plaza and fireside lounge. Yoga and Spin room. Electric vehicle charging station. Tanning studio. Relaxation garden. wellness studio with CrossFit-inspired equipment. Keyless entry. Granite counters with stylish glass-tile backsplash. Elegant cabinetry with glass panels.

2. 3700M: 381 Rental Units

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Photo: 3700M

Completed: 1/30/2015

Address: 3700 McKinney Avenue, Dallas, TX 75204
Rental types: 2 guest suites, 44 one-bedroom/alcove apartments, 251 one-bedroom apartments, 84 two-bedroom apartments
Property size: 340,864 sq.ft., three buildings with 4 and 20 Stories (over 37,000 sq.ft. of retail)
Short description: Green building – LEED- Proposed Certified Silver. 836 parking spaces. Business Center with two private conference rooms. Fireside living room and conversation alcoves. Full service concierge. Yoga studio. World-renowned TechnoGym® equipment. Skyline cabana lounge. Unobstructed views of the Dallas skyline. Stacked washer/dryer in all units. Dual-pane glass. Hardwood floors

1. Elan City Lights: 424 Rental Units

Photo: Elan City Lights
Photo: Elan City Lights

Completed: 1/9/2015

Address: 2627 Live Oak Street, Dallas, TX 75204
Rental types: 19 studios, 15 one-bedroom alcove apartments, 300 one-bedroom apartments, 90 two-bedroom apartments
Property size: 320,737 sq.ft., 5-story building
Short description: 525 parking spaces. Full-size washer &dryer. Dallas city views from patios or a balconies. Professional business center & conference room. Outdoor grilling stations with built-in sink & fridge. 24-hr fitness center. Aqua massage for relaxation and wellness. Wi-Fi in all common areas.

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Joanna England

If Executive Editor Joanna England could house hunt forever, she absolutely would. Instead she covers the North Texas housing market and the economy for CandysDirt.com. While she started out with the Real Estate Center at Texas A&M University, Joanna's work has appeared in The Dallas Morning News as well as several local media outlets. When she's not knitting or hooping, or enjoying White Rock Lake, she's behind the lens of her camera. She lives in East Dallas with her husband, son, and their furry and feathered menagerie.

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