Right now, there are 90 apartment communities being building throughout Dallas-Fort Worth, according to the latest ApartmentData.com report.
But who are the developers behind these projects and where exactly are these new complexes being built? To answer these questions and more, the Business Journal has taken a deeper dive into the report to see who the most active developers are, what the hottest area for new apartments is and when these new apartments might deliver.
Who are the developers?
By our count, there are 59 different developers building apartments in DFW right now. This count does not include the many capital partners that help bring these projects to life. These developers represent 14 states, the largest share coming from Florida and Georgia, and many of the largest cities in the country like New York City, Chicago and Atlanta. While no foreign developers are building apartments in North Texas right now, some foreign capital has entered the market, like in the case of Legacy Lakeshore in Las Colinas. The project is being developed by Foster City, California-based Legacy Partners with capital provided by Toronto-based HGC Investment Management.
By far the largest contingent of developers, 32 in total, operate a headquarters within the Metroplex. The most active developer in DFW is Dallas-based JPI, who are currently building 10 apartment complexes, or 3,867 units, throughout North Texas, according to ApartmentData.com. In a not-so-close second place is Charleston, South Carolina-based Greystar Real Estate Partners, which is building four complexes or 1,265 units locally. Twelve other companies are underway with more than one apartment complex. Many developers building in North Texas have done so in this market before, but not all. Companies building their first apartments here include Orlando, Florida-based Zom Development, Chicago-based Convexity Properties and Omaha, Nebraska-based Lanoha Development Co.
What are they and where are they going?
Though many of these new apartment complexes are market rate and are of the standard four-story wood-frame variety, some stand apart. Of the 90 complexes ApartmentData.com is tracking, 10 are high-rise apartments, meaning taller than seven stories, and 10 are mixed-use, featuring either office space or ground-floor retail. The majority of high-rise and mixed-use apartment complexes are found in downtown Dallas. Three more complexes are being built specifically for seniors, one is being built as student housing and one is being built as 100 percent affordable housing.
Much more variety is found in where these apartments are actually located. Nearly every district in Dallas and every city in DFW is seeing at least one apartment complex being built. Frisco is seeing the most development right now with eight complexes, or 2,466 units under construction, followed closely by the Fort Worth city limits, which has seven complexes, or 1,716 units under construction. Downtown Dallas has five apartment complexes under construction, or 1,417 units, while downtown Fort Worth has three under way, or 756 units. Farmers Branch, Lewisville and Irving all have at least four apartment complexes under construction each.
When are they coming online?
For no particular reason, a majority of the 90 apartment projects under construction are close to completion. Move-ins are expected to start for 39 of these communities by first quarter 2020, while 38 more are expected to begin preleasing and move-ins by the end of next year. While move-ins will begin for many apartments in the coming months, projects typically take a few months longer to actually be fully completed. With that said, a majority of the under construction apartments in DFW should be totally finished by the time summer rolls around in 2020.
We have included many of the projects in our latest update of The Dallas Business Journal‘s Crane Watch page, which can be found here. To find stories and other updates of what apartments are headed near you, be sure to keep an eye on the Residential Real Estate section of our website.
Publication: Dallas Business Journal