A Los Angeles-based developer has started work on a second apartment community in Dallas.
Back in April, Banyan Residential broke ground on a 279-unit rental project on North Beckley Avenue near Methodist Dallas Medical Center. The $55 million Banyan Beckley apartments are being built in partnership with Indiana-based real estate firm Milhaus.
Now Banyan Residential has started a second apartment development at 2022 N. Beckley Avenue near Interstate 30 in West Dallas.
The 289-unit Banyan Flats are being built in a partnership with Utah-based Bridge Investment Group. J.P. Morgan provided financing for the rental community, which is scheduled to open in 2023.
Both of Banyan’s Dallas projects – its first in North Texas – are located in federally designated Opportunity Zones.
“We are excited to grow alongside our partners at Bridge to deliver Banyan’s second Opportunity Zone development in Dallas,” Max Friedman, partner at Banyan Residential, said in a statement. “As one of the top U.S. markets for net migrations of new residents, Dallas remains an excellent place to invest in long-term growth.”
Designed by JHP Architects, Banyan Flats will have views of the Dallas skyline across the Trinity River. The project will include a resort-style swimming pool, fitness center, and clubhouse and rooftop deck.
Founded in 2019, Banyan Residential is building more than 3,000 apartments valued at more than $1 billion in Arizona, Texas and Colorado.
Bridge Investment Group is a real estate investment manager with almost $31.8 billion in assets.
“Banyan Flats fits well within Bridge’s mandate to focus on multifamily, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods with high-quality partners,” Bridge Investment Group’s David Coelho said in a statement. “Our aligned development and investing strategies facilitate the creation of dynamic projects like Banyan Flats and we look forward to future deals with Banyan’s great team.”
Dallas-Fort Worth is the country’s fastest growing apartment market, with more than 38,500 rental units under construction.
Apartment rents in the D-FW area are up more than 16% this year.
The Banyan Beckley apartments will open in 2023 in Oak Cliff near Methodist Hospital.(JHP )