renting in dallas

A new report from Apartment List analyzes the top trends in the 2017 rental market and predicts their impacts in 2018. For example, the report highlights the increase in the homeownership rate after a decade of declines, as well as the decrease in the share of rental units considered affordable to the lowest-income renters. Although affordability remains a concern for those renting in Dallas, Dallas rent growth slowed as the metro added more new rental stock than any other U.S. metro. Dallas rents remain slightly lower than the national average, at $1,100 for a two-bedroom apartment, compared to $1,160 nationwide.

The Dallas market added an estimated 22,851 new rental units in 2017, more than Miami, Phoenix, Boston, and San Francisco combined, and nearly 50 percent more than the number of new units added in 2016. While rental units in Dallas remain in high demand, with 2.4 percent year-over-year rent growth, the large increase in supply decreased occupancy rates from 92.3 percent to 91 percent.

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love field apartments

Image: Google Maps

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 DistrictCantabria 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.”

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Photo courtesy Wood Partners

Another residential development is underway near West Dallas’ super hot Trinity Groves neighborhood with the construction of Alta Yorktown by Wood Partners LLC.

The development will include 226 luxury apartments in three, four-story buildings on six acres. The property, located at 660 Yorktown St., is just one mile west of downtown Dallas, and sits near the Trinity Groves restaurant, retail, and entertainment area.

Rents at Alta Yorktown will average just over $1,300 a month for apartment homes that average 827 square feet (available as studio, one, two, and three bedrooms). Leasing will begin toward the end of 2015, and construction is slated for completion toward the middle of 2016.

Interior finishes in the apartments will include granite countertops, stainless steel appliances, tile backsplashes, Shaker wood cabinets, upgraded fixtures, and wireless technology packages. Community amenities will include an outdoor swimming pool and courtyard, grilling stations, and fire pits. The property will also have a small amount of retail space.

Alta Yorktown is just one of multiple new developments in and around Trinity Groves, where Wood Partners has a big stake in the neighborhood. It sits next to the Sylvan Thirty mixed-use project, in where Wood Partners built the 200 apartments, and the Alta West Commerce apartments, which will have 252 units. Jump to read more!

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The Trinity Village development in West Dallas will begin in 2015. Photo courtesy of Dallas Morning News.

Work will begin on the Trinity Village development in West Dallas in 2015. Rendering courtesy of StreetLights Residential.

More good news for development in West Dallas with word Thursday that Dallas-based Stonelake Capital Partners has closed on a 25-acre tract of industrial property on Singleton Boulevard, west of Sylvan Avenue.

Along with developer StreetLights Residential, Stonelake is planning a $200 million mixed-use development at 1000 Singleton Boulevard, on the southwest corner of Singleton and Sylvan.

This is 2014’s largest single redevelopment property in West Dallas, and it will bring about 1,500 new residential units to the area west of Downtown Dallas. (more…)

Landscape site plan Preston and Northwest Highway

Word comes from the great neighborhood reporters at the Preston Hollow Advocate that Transwestern has decided to slim down the scale of its proposed apartment development at Preston Road and Northwest Highway from eight stories to six, shrinking the complex’s size from 296 to 225 units.

For neighbors and members of the Preston Hollow East Homeowners Association, that’s a good start. Still, neighbors feel the complex, planned for the northeast corner of the intersection just across the street from Ebby’s Little White House, will add an unbearable amount of traffic to an already congested area.

According to the story from the Advocate, the property’s current zoning allows for just 130 units. Right now there are 24 apartments and 12 condos on the site of the proposed development. So the re-zoning proposal would still add more than six times the existing units. That could mean a lot more traffic in the area, something to which neighbors are vigorously opposed.

“Traffic is the big concern,” PHEHA president Ashley Parks said in the Advocate story. The PHEHA petition has almost 1,050 signatures as of this morning (almost double the amount since our last report), and residents are planning a rally on Saturday at 2:22 p.m. at Preston Hollow Park.

So, do you think Transwestern’s revised re-zoning plan goes far enough to protect the neighborhood from excess traffic? Or are nearby residents blowing the whole thing out of proportion?

Landscape site plan Preston and Northwest Highway

Word comes from the great neighborhood reporters at the Preston Hollow Advocate that Transwestern has decided to slim down the scale of its proposed apartment development at Preston Road and Northwest Highway from eight stories to six, shrinking the complex’s size from 296 to 225 units.

For neighbors and members of the Preston Hollow East Homeowners Association, that’s a good start. Still, neighbors feel the complex, planned for the northeast corner of the intersection just across the street from Ebby’s Little White House, will add an unbearable amount of traffic to an already congested area.

According to the story from the Advocate, the property’s current zoning allows for just 130 units. Right now there are 24 apartments and 12 condos on the site of the proposed development. So the re-zoning proposal would still add more than six times the existing units. That could mean a lot more traffic in the area, something to which neighbors are vigorously opposed.

“Traffic is the big concern,” PHEHA president Ashley Parks said in the Advocate story. The PHEHA petition has almost 1,050 signatures as of this morning (almost double the amount since our last report), and residents are planning a rally on Saturday at 2:22 p.m. at Preston Hollow Park.

So, do you think Transwestern’s revised re-zoning plan goes far enough to protect the neighborhood from excess traffic? Or are nearby residents blowing the whole thing out of proportion?