TDI has acquired 6.65 acres in Las Colinas for a $50 million residential development. The 386-unit apartment complex will be situated near the recently opened DART Orange line station across Northwest Highway from the Irving Convention Center.
Construction is expected to get under way in March.
Brad Taylor, executive vice president and investment partner for Irving-based TDI, said the high-profile location at Northwest Highway and Las Colinas Boulevard is “the ideal setting to create the next generation of multifamily product.”
Along with highway access, residents will be close to a rail system that travels to Plano, Richardson, and downtown Dallas—and, by 2014, Dallas/Fort Worth International Airport, he said.
Taylor said the Las Colinas residential submarket has a 96 percent occupancy rate.
The new community will feature a six-story main building, a clubhouse and retail-style urban patio, and brownstone walk-up style apartments at the street level.
Here’s additional information on TDI, from a press release:
TDI currently has 1,406 units under construction in Texas, California and Arizona and has asset management responsibilities over 4,900 units nationwide. In addition, TDI has plans to develop an additional 2,320 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.
The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services.