A retail developer is blazing into the multifamily market in a community on the outskirts of Fort Worth.
Verdad Real Estate’s $58.5 million Chapel Creek Multifamily project, filed with the state of Texas this week, is planned at 1901 Chapel Creek Boulevard in Blue Haze.
Fourteen buildings totaling 444,000 square feet are in the works, the Dallas Business Journal reports. Thirteen three-story buildings will be composed of “garden-style” apartments, plus a one-story leasing office and fitness center. Blue Haze is at the westernmost edge of Fort Worth. (Fun fact: Blue Haze does share its name with a hybrid strain of marijuana.)
Southlake-based Verdad specializes in single-tenant retail development with projects throughout the Sun Belt. This appears to be Verdad’s first venture into the multifamily market, DBJ reported.
While many big names in multifamily development have pulled back operations amid diminished demand, a number of firms — investors and developers alike — have tried to capitalize the lack of multifamily in North Texas’ outlying suburbs.
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— Maddy Sperling