Utah firm Summa Terra Ventures has announced the construction of a 250,000-square-foot, 268-unit apartment complex in the Dallas-Fort Worth area, dubbed the Vic Centre.
Slated to start construction in November of this year, the project will cost an estimated $41 million and will include 3-story buildings with units ranging from 1-3 bedrooms. It is expected to be complete in January of 2026, according to a news release, and Summa is listing the complex for an asking price of $65,685,000. The company could not be reached for further comment.
The company also stated in a press release that they expect a 6-8 month lease period beginning in 2023, with an estimated 5 percent rent increase over two years. According to the release, current rent prices range from $1075 to $1775.
Located on 7124 Anderson Blvd in Fort Worth, the development site is situated right at the intersection of the I-30 and I-820 toward the West End of Fort Worth and is only 14 minutes away from Downtown Fort Worth and 15 to downtown Arlington.
It is not far from some of the area’s most active and fastest-growing areas, with the downtown metro having seen rapid growth in the last quarter due to the massive migration of people and businesses to the area.
The Vic Centre development is another to add to the list of apartment complexes being developed in the Dallas-Fort Worth area this year. The DFW metro was recently ranked as the highest in U.S. apartment construction for 2022.
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