Streetlights Residential stakes $78M in Arlington

Streetlights Residential plans to add its third luxury multifamily complex at the Viridian Community in Arlington.

The $78 million project, on an undeveloped tract at 4013 North Collins Street, will span 310,000 square feet and cost nearly $252 per square foot to build, according to a Texas Department of Licensing and Regulation filing. The number of units has not been announced.

Development will begin in fall 2023 and last until early 2026, according to the filing. An official with Viridian Holdings, a subsidiary of Streetlights Residential, declined to comment on the development.

The Viridian is a 2,000-acre master planned community in Arlington, started by the Houston-based Johnson Development in 2008. It includes five lakes and about 1,000 acres of green space, rivers and wetlands, according to its website. Arlington sits halfway between Downtown Dallas and Downtown Fort Worth and is the home of the Dallas Cowboys AT&T Stadium.

The Louise, 343-unit multifamily complex in development at the Viridian Community, began accepting rental applications earlier this month, Streetlights announced. The developers opened another luxury resi project, the Jackson at Viridian, in 2021.

“We’ve continued to see a demand for boutique-style luxury living in the area and were inspired to bring even more options for residents,” said Greg Coutant, StreetLights vice president of development, in a media release.

The firm has been busy across Texas and DFW recently with a number of high-end resi projects either completed or in development. Streetlights owns multiple Class-A communities in Dallas, Houston, Austin and Frisco.

The company is constructing a $73 million apartment tower spanning 20 stories and more than 234,000 square feet along Monticello Avenue just east of Central Expressway, the Dallas Morning News reported.

The developer is also partnering with other firms on the Mix, a 112-acre, $3 billion project along Frisco’s urban spine, the North Platinum Corridor. The company was set to break ground on the first 28 acres of the Mix, at Dallas Parkway and Lebanon Road, next month, according to a media release. StreetLights also has two pending projects in Dallas’ Oak Lawn neighborhood.

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