One of the big dogs of North Texas real estate is zeroing in on a multifamily project in downtown Dallas.
Mehrdad Moayedi’s Centurion American Development Group is spearheading a 182-unit development at Harwood and Jackson Streets, in the Harwood Historic District, the Dallas Morning News reported.
The seven-story complex called The Parc on Jackson, will comprise 137 one-bedroom apartments and 45 two-bedrooms, with average rents hitting about $3,000 per month. Construction is slated for completion next summer. Pre-leasing will start next month.
Centurion American has been planning the project since 2018. It was previously reported that the complex, designed by 5G Studio Collaborative, was meant to serve as an extension of another nearby multifamily development by Centurion.
The Parc on Jackson will add to the thousands of rental units that have been developed downtown in recent years amid a significant housing shortage.
Centurion, meanwhile, is at the helm of numerous large-scale developments across Dallas-Fort Worth. The firm is planning a $1 billion overhaul of Plano’s Collin Creek Mall that will yield 308,000 square feet of retail space, 2,300 apartments, a hotel, 1.3 million square feet of office space and a park.
Centurion is also developing master-planned communities in suburbs such as Celina, Sherman and Terrell.
Dallas-Fort Worth led the nation in multifamily deliveries in the first quarter, with more than 33,000 units, according to Colliers. But most of that action is in the suburbs. Fewer than 600 units came online in downtown Dallas in the first quarter. The sprawling Frisco/Prosper submarket was the busiest submarket with 4,400 units delivered.
Occupancy in the Metroplex was just under 93 percent, and average asking rents were down slightly at $1,515 in the first quarter. More than 45,000 units are expected to be delivered across the metro in the next year.
—Quinn Donoghue
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