DALLAS, TX - Behringer Harvard announced today its acquisition of a multifamily development site of more than 3.9 acres in Victory Park, a 75-acre mixed-use neighborhood on the west side of Dallas
's central business district featuring an expanding range of office, residential and retail amenities. Development has begun on a luxury multifamily community, called The Arpeggio Victory Park, with 377 apartment homes.
"We are pleased to have this attractive opportunity to develop a high-quality multifamily community in partnership with Mill Creek Residential Trust," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We believe this prime location will attract professionals who enjoy amenity-rich lifestyles."
Mill Creek Residential Trust LLC (MCRT), a Dallas-based real estate firm that partnered with Behringer Harvard on this acquisition, will serve as developer of The Arpeggio Victory Park. "We are excited to partner with Behringer Harvard and look forward to delivering luxury rental residences in this vibrant and growing neighborhood," said Mr. Darren Schackman, Senior Managing Director at Mill Creek Residential Trust. MCRT North Texas/Mountain States Construction LLC, Mill Creek's construction entity, will serve as the general contractor.
The development site, at 2400 Houston Street, will offer residents proximity to the central business district and Uptown, two of the largest employment centers in Dallas, as well as the West End Historic District and one of the largest contiguous arts districts in the United States. Immediately adjacent to the site is the American Airlines Center, a multipurpose arena that's a downtown landmark and home to the Dallas Mavericks of the National Basketball Association and the Dallas Stars of the National Hockey League. Also adjacent to the site, the Victory Park rail station – affiliated with DART and the Trinity Railway Express – provides commuter service to Dallas, Fort Worth and various areas beyond via routes including the new Orange Line.
The Arpeggio Victory Park will comprise two five-story residential buildings wrapped around a central parking garage. Averaging 814 square feet, the apartments will be built to condominium-quality specifications and offer up to two bedrooms and two baths. Units will feature granite countertops with tile backsplashes, stainless steel appliances, kitchen islands, nine-foot ceilings, and full-size washers and dryers. Common-area amenities will include a cyber cafe, a business center, a state-of-the-art fitness center, a resort-style pool and a dog park.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 48 multifamily communities in 14 states comprising 13,013 apartment homes.