OHT Partners Plans $48M Multifamily Project in Farmers Branch

OHT Partners filed plans for a Class A multifamily project in Farmers Branch.

The Austin-based developer plans to spend $48 million on Lenox Alpha, a 391-unit, five-story wrap development at 4707 Alpha Road in the northwest Dallas suburb, according to a project plan filed with the Texas Department of Licensing and Regulation. Construction on the 332,495-square-foot project is scheduled to begin September 2026 and end September 2028. The estimated cost comes down to about $123,000 per square foot.

OHT bought the five-acre tract in 2022 from Dallas-based Ginco Investments for an undisclosed price, public records show. The site is half a mile west of the Dallas North Tollway, a longstanding North Texas development corridor.

The Lenox brand is OHT’s label for its Class A developments. The company declined to give further details on the project.

“TDLR filings are typically made very early in a potential project’s process and are subject to change. OHT is happy to share information once a more definitive vision for this site emerges,” an OHT spokesperson wrote in an email.

OHT Partners developed the nearby Windsor Castle Hills apartment community, formerly called Lenox Castle Hills, at 1835 Parker Road in Carrollton, according to its website. Elsewhere in the Metroplex, the company is proceeding with a 360-unit project on 23 acres at 2601 West Randol Mill in Arlington, despite some local opposition over traffic congestion and a feared decline in property values.

OHT Partners has also contracted to build a 372-unit garden-style multifamily community in Waco, developed by Austin-based Parkspring.The Dallas-area multifamily market entered the year with high supply and relatively low occupancy. Following an apartment construction spree, the Metroplex posted a 92.6 percent occupancy rate last year, one of the lowest multifamily occupancy rates of the largest cities in the country, according to Yardi Matrix. Apartment construction activity has decreased in the Dallas area for eleven straight quarters, according to Colliers.