168-Unit Mixed-Income Community Opens Near Galleria Dallas
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A new mixed-income apartment community has opened in Far North Dallas with the completion of Cypress Creek Montfort Drive, a 168-unit mixed-income apartment building just up the road from the Galleria.
Developed by Austin-based Bonner Carrington and Dallas-based Sycamore Development, the multifamily project recently opened its doors at 14119 Montfort Dr. The four-story community combines 116 income-restricted and 52 market-rate units. The income-restricted units are reserved for residents earning between 30% and 80% of the area median income.
Forty-one units restricted to households at 30 percent of area median income will accept vouchers through the Walker Settlement program administered by the Dallas Housing Authority. The program helps expand housing opportunities for historically underserved households by providing rental assistance in neighborhoods with greater access to employment, education, and other resources.
“We are grateful for the support of our investors, lenders, and the City of Dallas,” said Sycamore Development principal Zachary Krochtengel, according to a press release. “By providing attainable homes for residents of all income levels, we foster a stronger workforce, support local businesses, and create inclusive communities where families can thrive for generations.”
The opening comes as Dallas rents remain below year-ago levels following a wave of new apartment construction. A national report by Zumper clocked a roughly 7% year-over-year drop in rents for one- and two-bedroom units in Dallas last month.
Multifamily projects have been accumulating in recent years, giving renters a little more leverage each time the pipeline delivers. Still, housing prices across the board remain higher than prospective buyers and renters would like to see, especially on the workforce housing front.
According to consultants and housing advocates, Dallas has an estimated shortage of about 46,000 units for households earning at or below 50% AMI. Child Poverty Action Lab data indicates the average Dallas renter spends about 39% of their income on housing, with households earning 0-30% AMI spending roughly 78%.
“We’re seeing firsthand how critical workforce housing is for the long-term strength of North Texas communities,” said Aaron Docsa, senior vice president at Moss Construction, which built the apartment complex.
Situated with easy access to Dallas North Tollway, Preston Road, and I-635, Cypress Creek Montfort Drive has proximity to major employment centers, shopping, and restaurants.
“A home close to work changes everything — less time commuting, more time to enjoy your home,” said Casey Bump, president of Bonner Carrington. “We’re glad to partner with Sycamore Development to bring this much-needed housing to underserved areas of Dallas.”
The apartment complex has one-, two-, and three-bedroom floor plans on offer. Amenities include structured parking, a swimming pool, a fitness center, a pet spa, and a business center. Unit interiors feature stone countertops, private balconies, and energy-efficient appliances.
In partnership with Hunt Capital Partners, the project secured $20 million in federal Low-Income Housing Tax Credit equity through the Texas Department of Housing & Community Affairs.
“Cypress Creek Apartment Homes will welcome residents of various income levels and offer an inclusive community where they can prosper in a high opportunity area,” Hunt Capital Partners senior director of acquisitions Omar Chaudhry said in 2024, when the tax credit was awarded.
The development received construction and permanent financing from East West Bank, a soft loan from the City of Dallas, and funding through the U.S. Department of Housing & Urban Development’s Community Development Block Grant Disaster Recovery program.
Arrive Architecture Group served as architect and Pape-Dawson as civil engineer for Cypress Creek Montfort Drive. Bonner Carrington will manage the property.
