One of the nation’s largest multifamily developers continues to expand its beefy Texas portfolio with a second 300+ unit complex in the northern Dallas suburbs.
NRP Group will construct a 331-unit, $69 million dollar multifamily complex at 1402 Carrollton Parkway in Carrollton, according to a Texas Department of Licensing and Regulation filing. The wrap-style apartment building will span 611,000 square feet with construction slated to begin this August and last around two years, according to the filing.
The estimated cost works out to about $208,000 per unit.
The project, called Diamond Flats, will be situated on 7 acres just off the Sam Rayburn Tollway. The site is 12 miles from DFW International Airport and 24 miles from Downtown Dallas.
NRP did not immediately respond to requests to comment on the project, and further details about the complex, which is near the Fields at Carrollton Parkway sports complex, have not yet been released.
NRP was founded in 1994 and has developed more than 50,000 apartment units nationwide, according to its website. The firm is based in Ohio but has offices across the country, including in Dallas. NRP constructed the Ellis apartments in 2016, another 330-unit development in Carrollton and manages multiple apartment buildings across DFW and Texas.
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Carrollton, along with Plano, Frisco and McKinney, is one of the north Dallas suburb cities that has experienced extensive growth in the past decade. The city has added nearly 2,000 apartment units and has fiscally supported developments along the Dallas Area Rapid Transit commuter railway line that is set to open in 2025.
The DFW metroplex is still primed for development even as North Texas has experienced explosive growth in recent years. A recent Yardi Systems study found that Dallas leads the nation in most vacant land available for future projects with 90,739 acres across more than 30,000 parcels. Fort Worth ranked second on the list with 74,835 acres of untapped land.