OHT Partners just can’t stop building multifamily developments.
The Austin-based developer has been very busy in the Lone Star State this year. In Houston, it’s got 359 units in the works with 750 in South Austin and 315 in North Austin. Now, the Dallas Business Journal is reporting that OHT is headed for the Dallas-Fort Worth metroplex.
The developer has filed plans with the Texas Department of Licensing and Registration to put up a 400,000-square-foot apartment building early next year. Construction for the project has an estimated cost of $42 million and an expected completion date in 2025. Plans for the development call for a four- and five-story apartment building along with a five-story garage and interior pool courtyard, according to the filing.
The development will be Phase 1 of OHT’s Gateway on I-30 and Future Stadium Drive. It’s far from the only big-time development in Grand Prairie. Dallas-based Kalterra Capital Partners is developing a 56-acre mixed-use project along State Highway 161, called Midtown GP.
Back in June, however, SWBC sold off its multifamily assets in Grand Prairie. The full portfolio —1,400 units — was sold for more than $350 million to two California-based investors.
“The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties; however, the continued interest in the multi-family sector in well-located areas throughout Texas has remained strong at this time,” SWBC CEO Stuart Smith said at the time.
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— Maddy Sperling