It’s not a mirage.
Dallas — Fort Worth’s dry season of multifamily starts may be nearing its end as developers move forward with projects in high growth areas.
Novu Residential Group and Pivot Residential secured equity from Parse Capital to build the Carsona, a 305-unit apartment complex in the DFW suburb of Grand Prairie. Berkadia arranged the financing. The amount was not disclosed.
The Berkadia team included Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt.
“The capital markets remain inefficient as a whole,” Kirkpatrick said. “But for well-located multifamily development opportunities alongside experienced development teams, there are still accretive, cost-effective equity partners deploying capital today.”
The Carsona will consist of seven four-story buildings built on a 37-acre wooded site. Plans for the project feature walking trails, a resort-style pool, club house, fireplaces and pickleball courts.
The property is located at 3800 Robinson Road in Grand Prairie, which is about 20 miles southwest of downtown Dallas. Residents will have easy access to Interstate 20 and President George Bush Turnpike.
Since expanding its entertainment district in 2021, Grand Prairie has attracted brands like Topgolf and Andretti Indoor Karting & Games, which opened an outpost in the town in July.
Developers are expected to break ground on the Casona this month, according to the press release from Berkadia. It’s expected to be delivered in the Spring of 2027, Novu’s website says.
Multifamily starts have fallen precipitously after low interest rates spurred a building frenzy that put DFW’s multifamily pipeline second to New York City’s by only three units, according to a recent report from RentCafe. The peak supply and increase in interest rates dried up new multifamily starts.
Other multifamily market indicators, like rent growth and transaction volume, have begun to inch back, leading experts to believe the bottom of this cycle is in the rear-view mirror.
Novu Residential Group and Pivotal residential are developers based in Alabama. Nova also has projects under construction in Nashville and Jacksonville.
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