As new residents continue pouring into the Dallas-Fort Worth metroplex, developers are racing to house them.
In north Fort Worth, Austin-based HPI Multifamily is looking to capitalize on the burgeoning population with one of its largest scale developments yet.
The firm, a subsidiary of HPI Real Estate Services & Investments, recently laid out its plans to build 829 rental units in the north Fort Worth area, as reported by the Dallas Business Journal, and is actively seeking additional opportunities to expand across North Texas. These include build-for-rent, suburban multifamily and higher-density infill multifamily projects, which would add to the pile of multifamily projects on tap for the North Texas region.
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The company has recently begun to shift its focus from garden-style suburban communities to much larger scale projects, including higher density apartment projects and lower density build-for-rent developments.
“You’re seeing us go through an expansion, both geographically as well as in terms of the product types that we’re building within the multifamily sector,” said Tim Shaughnessy, president and partner of HPI Multifamily.
The Dallas-Fort Worth metroplex ranked second in the nation for new multifamily and commercial construction last year, bringing in over $10 billion worth of construction last year. This represents a 45 percent increase from 2020 as the market began to recover from the pandemic.
The upcoming project will be located at the southeast corner of Bonds Ranch Road and Blue Mound Road and will bring approximately 636 multifamily rental units, 193 single-family rental units with attached garages and yards, and various amenities like clubhouses and resort-style pools.
HPI plans to have the higher density multifamily units face the industrial buildings to act as a sort of buffer, Shaughnessy says, while the build-for-rent properties will face the single-family neighborhoods, and approach the city agreed to.
[Dallas Business Journal] — James Bell