UPDATED May 10, 2022, 11:40 a.m.: Residential towers will soon be sprouting in Flower Mound, a whimsically-named town near Dallas-Fort Worth.
Realty Capital plans a luxury residential high-rise in the town, according to the Dallas Business Journal. The Dallas-based real estate firm has multiple residential projects in the pipeline in the Dallas-Fort Worth submarket of Flower Mound— just south of Denton, Texas.
Flower Mound is home to the firm’s 40-acre Lakeside Village development, which sits within its broader Lakeside master-planned development.
The new Terranea tower will rise to 16 stories with 207 luxury residential units. As the Lakeside community is restricted to 875 residential units in total, the remaining 600-plus units have been earmarked for three or four residential towers and future single-family developments.
Residential high-rise projects with condo quality and larger floor plans has been a notable trend of developers as of late, according to DBJ.
Terranea’s units will average 1,500 square feet and be marketed to young professionals, childless older couples and retirees. Realty Capital hopes to fill a shortage of these kinds of developments in more suburban settings.
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“This project is filling the one missing asset type we have in Lakeside,” said Alexander Brown, president of Realty Capital Residential of Terranea.
The renter base will be older than usual for multifamily developments, but the demographics in the area support this type of product, says Alexander Brown, president of Realty Capital Residential of Terranea.
It took some leg work to find debt and equity partners who bought into the vision behind the upcoming tower, Brown told DBJ, adding that most people won’t invest in projects where they don’t know the market intimately.
“I don’t want to say it’s a contrarian way of thinking, but it’s definitely not your run of the mill’’ multifamily project, he said.
Brown declined to name the lender or the equity partner but said it is a family office based in another city.
In total, the Lakeside Village project will include 55 single-family homes, a hotel and office development immediately south of Terranea, around six lakeside restaurant sites and sites for three or four additional residential towers.
[DBJ] — Maddy Sperling
CORRECTION: A previous version of this story had an incorrect name and location for the company in the headline and second paragraph.