Steinbridge Group is moving forward with plans to develop a $54 million built-to-rent townhome community in southern Dallas.
Construction is expected to start early next year on the 180-unit project, located in the Capella Park neighborhood of Mountain Creek, the Dallas Business Journal reported. The estimated cost comes to $300,000 per unit.
The first phase of the project, near 6900 Clay Academy Boulevard, will develop infrastructure, taking six to nine months, followed by construction of the three-story townhomes, which could take 12 to 18 months to complete.
The development is the New York-based firm’s first in Dallas and is aligned with its community-focused real estate approach.
Steinbridge, led by founding partner and CEO Tawan Davis, bought the 15-acre site from the Potter’s House Church and Clay Academy Charter School in 2022. The firm implied it paid cash, saying in a news release the transaction was “free and clear.”
The firm made its residential plans after input from neighbors, according to the release, which also implied that it’s the same development tract where Hillwood previously planned logistics warehouses, which neighbors resisted.
Steinbridge specializes in urban infill projects, single-family development and multifamily housing.
“We look for opportunities to expand housing supply without displacing existing residents,” Davis told the outlet.
The firm has already completed several large-scale housing projects, including a $42 million development at Virginia Union University in Richmond, Virginia. The firm collaborated with PNC Bank last year to launch a mortgage financing program in Philadelphia, aimed at reducing barriers to homeownership.
Steinbridge also has projects on the horizon in Austin and Houston, Davis said.
The company is considering establishing a local team in Dallas and potentially opening a regional office to manage its expanding portfolio in the state.
— Andrew Terrell
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