CAP Multifamily filed plans with the state to build a small apartment building in North Dallas.
Its project at 2220 Mail Avene near Love Field is planned for formerly single-family lots. The firm plans a 39-unit building with 33 parking spaces. The 29,000 square-foot project is expected to cost $6.6 million to build, coming to about $169,000 per unit, although estimates are preliminary and subject to change.
Small is what this firm does. It develops, acquires and manages multifamily assets from four to 100 units, according to its website.
“We are looking to institutionalize and scale the small multifamily housing segment as we believe them to offer a superior housing experience to residents and superior risk adjusted returns to investors,” the firm’s website states.
The Dallas-based firm is led by two industry veterans. Chris Aaron was previously CFO of Dallas-based Oaxaca Interest and was a vice president at Mill Creek residential before that. Chad Patton has worked in private equity and financial services for 25 years.
Who is building more apartments in Dallas-Fort Worth than JPI? The prolific Irving-based developer has about 2,000 units in the pipeline that recently came to light:
- 398 units, some with private garages, at 8101 Ederville Road, off Eastchase Parkway in east Fort Worth, the Dallas Business Journal reported. Project cost was unavailable.
- 352 units, dubbed Jefferson Lloyd Park Phase II, at 7112 N Day Miar Road in Grand Prairie, the outlet reported. Construction cost estimated at $54 million, or a little over $153,000 per unit.
- The first phase of Jefferson Lloyd has 450 units near Joe Pool Lake in Grand Prairie, the Dallas Morning News reported. It will cost about $73 million, or about $162,000 per unit.
- In the Collin County city of Anna, it is planning Jefferson Finley, at East Finley Boulevard and Sharp Street. It would have 320 apartments and 5,000 square feet of retail costing $80 million, or $250,000 per unit, to build, the Dallas Business Journal reported.
- In Lewisville, it is adding 380 units to its 3,000-acre Castle Hills development, the Dallas Morning News reported. The cost wasn’t reported.
A company with the same address as Dallas-based Summit Peak Capital Partners has put an apartment complex on the market in Dallas’ Lake Highlands neighborhood. JLL is marketing the Eleven600, which has 216 units and was built in 1981. The owner has spent about $4.7 million renovating the property, and rents have increased 6 percent since May, according to the listing, from brokers David Austin and Rob Key. The price wasn’t listed. The complex was the site of a fire that killed a man and a dog in November 2021, the Dallas Morning News reported.
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Us Living Rosenberg, an LLC with the same address as Houston-based Vero Sade is planning a $49 million apartment complex at 28325 Retail Lane in Rosenberg, southwest of Houston, according to a filing with the state of Texas. The number of units wasn’t reported, but the complex will span about 300,000 square feet, including a 5,700-square-foot amenities building.
Harbor Group International has purchased another multifamily asset in the Austin metro area. The Virginia-based firm bought the Warner, a 336-unit apartment complex at 2670 South A.W. Grimes Boulevard in Round Rock, the Austin Business Journal reported. The sellers were co-developers Stanmore Partners and Transwestern Investment Group, both based in Houston. The price wasn’t disclosed. Patton Jones and Andrew Dickson of Newmark brokered the deal.