Atlanta-based developer Wood Partners, one of North Texas’ top apartment builders, is starting work on two rental communities in the Dallas-Fort Worth area.
The two projects will add more than 600 units in Irving and Fort Worth, according to the Dallas Morning News. The 280-unit Alta Riverside apartments are planned for State Highway 161 near Interstate 635 and are scheduled to open in early 2024. Dallas-based architect GFF is designing the rental community.
The planned 330-unit Alta Marine Creek apartments will be built on Ten Mile Bridge Road in Northwest Fort Worth. They will also open in 2024, while the 270-unit Alta Landing will be at 3100 N. Joplin Road and will be built with new high-efficiency development techniques, planning documents show.
“Our new model is uniquely designed to leverage the most efficient design and construction techniques in the industry today without sacrificing the quality, appearance, and finishes,”
Wood Partners’ Ryan Miller said in a statement.
Wood Partners owns 70 properties across the United States with more than 20,000 residential units. The developer’s new projects come after it just sold one of its Dallas properties.
The Alta Design District near downtown Dallas was also just sold to California-based buyer Sares Regis Group. Wood Partners built the 4-story rental community in 2008 at Inspiration Drive and Stemmons Freeway.
The DFW area also leads the country in both apartment sales and construction, with the metro representing 7.8 percent of all apartments sold in the U.S. since last April. The region also led all U.S. metros in multifamily investment over the past year with $29.2 billion worth of apartments changing hands, more than double the amount from last year.
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[Dallas Morning News] — James Bell