Apartment developers head to East Dallas for new building sites

Developers looking for profitable apartment building sites are ranging out from Uptown and downtown Dallas.

One of the emerging construction markets is Dallas near east side, close to the central business district and Baylor University Medical Center at Dallas.

Trammell Crow Residential and Greystar Real Estate have two large apartment projects in the works on Ross Avenue and Live Oak Street.

Now another major apartment builder, Encore Multi-Family, has locked up a construction site in the same area.

Encore Multi-Family is working on plans for a five-story, 253-unit rental community at Swiss Avenue and North Peak Street.

The property is now occupied by a Bank of Texas building that will soon be replaced by one on Live Oak, said Brad Miller, president of Dallas Encore Multi-Family.

We like East Dallas, Miller said. I dont know if it will be the next Uptown, but it certainly has some promise.

Encore Multi-Family is just finishing construction on a 288-unit apartment community near UT Southwestern Medical Center on Maple Avenue.

The Maple Avenue corridor, like East Dallas, has been a growing market for apartment development.

We are really good in D-FW at expanding the definition of what is the core market and going into fringe areas, said Greg Willett, vice president with Carrollton-based apartment market analyst MPF Research. A much bigger share of the renters can actually afford the price point in these locations.

Original post:
Apartment developers head to East Dallas for new building sites