Fifield Companies is joining the multifamily rush in Dallas’ Turtle Creek neighborhood.
The Chicago-based firm, led by Steve Fifield, snagged 1.6 acres at 3515 Brown Street for $20 million, the Dallas Morning News reported. The firm aims to build a 24-story apartment building on the site, which currently houses the 26-unit Wimbledon Place Condominiums.
Brokers Mike Kennedy and Paul Harmon of Avison Young negotiated the deal between the condo owners and Fifield.
“This is the perfect opportunity for us to bring what we do best — dense urban high-rise multifamily development,” Fifield vice president Justin Westfall told the outlet. “Turtle Creek is one of the most exciting markets in the country.”
The apartment tower is expected to have about 180 units. Fifield, which has amassed a portfolio worth more than $7 billion, has hired Dallas architects GFF to design the high-rise.
Developers and investors remain bullish on the Turtle Creek neighborhood, and many of them are willing to go deep into their pockets to tap into the area’s seismic growth. Hanover has started construction on the 21-story Hanover Turtle Creek Tower, a luxury apartment complex nearby, at 2525 Turtle Creek Boulevard.
Alamo Manhattan will soon embark on a $130 million multifamily complex in the area that’s slated to rise 31 stories and include over 300 units. There’s also a $750 million Four Seasons hotel and condominium tower in the works.
Among delivered projects, Toll Brothers completed the 22-story Aster luxury apartment high-rise in October 2021, and it’s currently building another one, the outlet reported.
—Quinn Donoghue
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