Stratford Land Has Success in Multifamily Market

Stratford Land Has Success in Multifamily Market

DALLAS, TX - The Canyon in Oak Cliff, a 200-acre mixed-use development five miles west of downtown Dallas, recently broke ground on its second community, The Hillside West Seniors Community. The developer of the two multifamily projects is GroundFloor Development. The Canyon in Oak Cliff, owned by Stratford Land, is a mixed-use development that, upon completion, will be a community environment designed for livability, workability and convenience with residential, retail and office use.

"We are pleased with the extremely positive response to the first two communities within The Canyon, and look forward to the continued progress within the development," said Stratford Land Senior Vice President Ocie Vest.

The Hillside West Seniors Community will be completed in the winter of 2013. Upon completion, the age-restricted community will feature 130 units featuring one-bedroom and two-bedroom configurations and community amenities such as a swimming pool with sundeck and seating area, a clubhouse with a fitness center and wellness center, an herb planting garden, a dog run and access to The Canyon's hike and bike paths.

The Taylors Farm Apartments, the first multifamily project, reached 100 percent occupancy June 15, 2012. It is immediately adjacent to The Hillside West Seniors Community, is a 160-unit affordable multifamily property completed in October 2011 and has achieved LEED Gold Certification.

"Hillside West and Taylors Farm not only offer multifamily living in an exciting and emerging development in Dallas, but the communities also offer affordable living with contemporary design and amenities," said GroundFloor Development Founder Brandon Bolin. "We wanted to break the mold on what typical affordable projects look like."

The developer utilized HUD financing and nine percent competitive tax credit assistance from the Texas Department of Housing and Community Affairs (TDHCA) to construct the properties. Ninety percent of the property's units are allocated as affordable. KWA Construction LP is the general contractor on the projects.

The Texas Department of Transportation (TxDOT) in conjunction with special North Central Texas Council of Governments (NCTCOG) funding will commence new Interstate 30 off ramp and frontage road work beginning in November of 2012 with completion scheduled for July of 2013. With convenient access to the high traffic I-30 corridor and downtown Dallas, The Canyon offers great exposure to the bustling Westmoreland/Cockrell Hill Road area and a strong employment base nearby.

Stratford Land has more than 25 years of successful land investment management on behalf of institutional investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth corridors in Texas, Arizona, Southern California, Colorado, Tennessee and the eastern seaboard from Virginia to Florida. Regional offices are currently located in Atlanta, Jacksonville and Phoenix.

Source: Stratford Land / #Multifamily #Apartments

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