DFW Leads U.S. In Build-to-Rent Homes
DFW: North Texas has claimed another first in the residential real estate market. A new report from RentCafe and Yardi Matrix says DFW is ranked No. 1 in the completion of single-family homes designated for rental. In 2022, more than 2,770 homes tagged for rent were completed in North Texas. That’s a whopping 440% increase from 2021. The Phoenix area came in second in the new report with just over 1,500 homes-for-rent constructed last year. Over the past several years, more and more residential developments dedicated to rental homes have expanded throughout the North Texas region, particularly in North Collin County and parts of Fort Worth and Tarrant County. So far this year, about 4,300 “build-to-rent” units are under development and construction in North Texas.
DFW: The area around the new PGA of America development will soon see a new and different project underway. Much of the development in the area has been dedicated to hotels, retail, restaurants and office space. Now, Dalfen Industrial of Dallas will construct three industrial buildings with a total of 575,000-square feet. The development will be called the Frisco Trade Center. The warehouse developer says that area businesses will benefit from industrial space in close proximity to their locations. The first building, with more than 260,000 square feet, is expected to be completed and ready for leasing by the end of the year. Dalfen Industrial is no stranger to warehouse construction in the region, having constructed millions of square feet of industrial projects in North Texas. DFW leads the country in industrial and warehouse projects with upwards of 70 million square feet of such space under development.
DFW: And another DFW suburb is getting more industrial space. ARCO/Murray of Dallas has plans for a warehouse development on 88 acres in Grapevine, just west of DFW International Airport. The four-building project will total nearly 1 million square feet of space. Construction of the first phase of the project on Euless-Grapevine Road will start later this year. It will include just over 200,000 square feet and should be completed in mid-2024. A second phase in the future will add another 770,000 square feet of space. Millions of square feet of industrial, warehouse and distribution space have been constructed in the area around DFW International Airport in recent years.
DFW: Toll Brothers hopes to build on its success in the Oak Lawn area of Dallas. Two years ago, the Pennsylvania developer completed a 22-story apartment high-rise on Congress Avenue called the Aster. The 270-unit tower has units that range from small 500-square-feet units to larger two-level units and a four-bedroom penthouse that tops 3,700 square feet. Toll Brothers now wants to build a 25-story tower with 350 units at Cedar Springs Road and Hood Street, a few blocks from the Aster. The developer has presented its plans to the Oak Lawn Committee for review. Its latest proposed high-rise project is one of several planned in the Oak Lawn/Turtle Creek area. Toll Brothers is well-known in North Texas. It announced last year that it wants to build 1,000 or more new rental units in apartment communities throughout the Dallas-Fort Worth area.
DFW: And a mid-rise rental project will soon be underway south of downtown Dallas. SITG Capital Partners LLC of Austin is planning to construct a five-story, 50-unit apartment complex in The Cedars, south of Interstate 30. Construction is expected to start later this year with plans to finish by 2025. The complex will offer views of Dallas’ skyline to the north and also will include a rooftop deck. The project is one of several planned for The Cedars area. Among them are large and small projects, including the transformation of the former Ambassador Hotel site into a townhome rental complex. That developer, Larkspur Capital, plans to spend more than $60 million for a 155-unit townhome conversion at the former historic hotel property.
LA LA LAND: Actress Sofia Vergara is famous for saying “never take ‘no’ personally,” so it’s fitting that she’s dropping the price on her Beverly Hills mansion and hopefully moving on. The “Modern Family” star and products spokeswoman bought the seven-bedroom, 11-bath, 11,000-square-foot estate for $10.6 million in 2014, just a few months before marrying actor Joe Manganiello of “Spider-Man” and “Justice League” fame. She renovated the Tuscan-inspired home that has wood and marble floors, a chef’s kitchen with high-end appliances, a 3,000-bottle wine cellar and tasting room, a 10-seat theater and a gym equipped with a sauna. The asking price has been dropped from $19.6 million to just under $18 million. The couple already has another home. Three years ago, they spent $26 million for a 17,000-square-foot home on nearly 2 acres in Beverly Park. It was once owned by MLB slugger Barry Bonds.