The family-owned Zale Properties is not holding back on multifamily construction in the Dallas/Fort Worth metroplex.
The Dallas-based developer just announced plans to build a 336-unit rental community at 8100 South Collins Street in Arlington. The Village at Arlington will have eight multifamily buildings and 60 single-family rental units. Construction is scheduled to start in March and will take more than two years to complete, according to the Dallas Morning News.
Zale Properties obtained a $58.3 million construction loan in May for The View at Sapphire Bay, a 394-unit community underway in Rowlett. The project is set to deliver apartments to the exurb near Lake Ray Hubbard in 2024. The View at Sapphire Bay — previously known as Bayside — is a 116-acre development that features a 7-acre man-made lagoon.
Also in Rowlett, Zale closed in September on the sale of its 302-unit Rowlett Station Apartments to Virginia-based TTI Capital.
More than 58 percent of Dallas-area renters chose to renew their leases this summer rather than move. During the three-month period, net leasing also declined by more than 5,000 units. Despite apartment demand in the area dipping for the first time in five years, there were a record 63,562 North Texas apartments being built at the end of the third quarter.
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