FORT WORTH, TX - Ventures Development Group closed its $29 million loan and commenced construction on the development of a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie, Texas. The location is virtually equidistant to Fort Worth and Dallas, offering immediate access to all major roadways within just minutes.
Leasing is expected to begin in the Spring of 2017, with completion of the property expected by the fall of 2017. The project is located at the northeastern quadrant of I-20 and Texas Hwy. 360.
The mix of one, two and three bedroom floorplans will include premium flooring, custom kitchens with granite countertops, in-unit washers and dryers, along with other luxury finishes. Interior and exterior amenities will include a state-of-the-art fitness center, clubroom and tenant lounge, resort inspired swimming pool and sundeck, outdoor spaces with meeting, gaming and barbecue facilities, and a structured parking garage with direct access to all residential units. Units will range in size from 650 to 1,400 sq. ft. The project was designed by Humphreys & Partners Architects.
Realty Capital Partners, based in Dallas, provided a portion of the equity capital, and Realty Shares, based in San Francisco, California provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Leasing and marketing efforts will be managed by Stream Residential, a division of Stream Realty Partners.
Rob McConnell, Principal of Ventures Development, said the development will provide much needed, quality apartment homes along the fast-growing Arlington/Grand Prairie corridor along Interstate 20. “We believe there’s a great desire for an upscale, multi-family community in this area with amenities, accommodations and finishes typically found only in luxury units, but at highly affordable prices.”
Ventures Development is a fully-integrated multi-family development firm with offices in Baton Rouge, LA and Jacksonville, FL. This is the firm’s 4th ground-up multi-family development in DFW since 2011.