Penrose to Bring 382 Apartments, Cold Plunge Pools, Golf Sim to Frisco’s Southstone Yards

Frisco’s Southstone Yards campus is about to get a major new addition. Dallas-based Rosewood Property Company has broken ground on Penrose, a luxury apartment development located at 4301 Tributary Way, near SH 121 and Spring Creek Parkway.

When completed in 2027, Penrose will offer 382 apartment homes across 5.05 acres, placing future residents at the crossroads of Frisco, Plano, and The Colony — one of the fastest-growing and most connected submarkets in the DFW Metroplex.

As part of the 45-acre Southstone Yards master plan, Penrose is one of several projects transforming the former railyard into a walkable, mixed-use district that blends Frisco’s industrial rail heritage with modern urban design. The site already includes Texas’ largest mass timber office building, now fully leased to Toyota Financial, and will include restaurant, hotel, and residential offerings.

“As employees continue returning to office, the master plan targets residents who value work-life balance with nearby amenities to enjoy when not working,” Tim Harris, Senior Vice President of Rosewood Property Company, said in a release. “The priority of this development is resident well-being. Penrose will differentiate itself by providing a timeless, classic-aesthetic option to an area full mixed-use communities, giving residents a retreat from their daily grinds.”

Inside Penrose, residents can expect amenities such as a fitness center, a resort-style pool with covered outdoor lounge, and a clubhouse with coworking space. Some of the more unique amenities: a wellness space with cold plunge pools and sauna, a Trackman golf simulator, and a pet spa.

The architecture will lean classic, with brick and stone exteriors and high-end interior finishes.

Penrose adds to Rosewood’s growing portfolio of DFW multifamily developments, which includes The Ludlow and The Buckley in Plano, The Gilman in Las Colinas, and the Tobin Estate in San Antonio. The company recently expanded into the Carolinas, with a new office in Charlotte focused on regional multifamily growth.

The Offices at Southstone Yards Brings the Nation’s Largest Timber Office Building to Frisco

Rosewood Property Company is the Dallas-based real estate investment vehicle for The Rosewood Corporation, which is wholly owned by the Caroline Hunt Trust Estate.

Construction is expected to wrap by fall 2027, with leasing anticipated to begin earlier that year.