Trinsic Residential Plans 300-Unit Apartment Complex in Mesquite

Trinsic Residential Group has teed up an apartment complex in the Dallas suburb of Mesquite, signaling a renewed interest in multifamily development after years of falling rents.

The Dallas-based developer estimates the 300-unit apartment complex, named Aura Fairways, will cost $28 million, according to a state filing. The filings are subject to change. The developer aims to start construction in November and complete the project at the end of 2027.

The 296,000-square-foot Aura Fairways, at 5201 Northwest Drive, is about five miles from Lake Ray Hubbard, a popular recreation destination. Mesquite is 15 miles northeast of downtown Dallas and has a population of almost 150,000.

Rising interest rates have ballooned development costs for multifamily developers, while a historic number of deliveries has put downward pressure on rents and occupancy. As a result, developers have pulled back on apartment-building.

In May, Dallas-Fort Worth reported a 1.5 percent decrease in rents, year-over-year, according to Yardi Matrix. The Metroplex’s occupancy rate of 92.6 percent put it at third-lowest among the country’s 30 largest cities.

Experts are hopeful that the development slowdown will begin to push rents up by the end of 2025 or in 2026. The timing would be optimal for projects like Aura Fairways, allowing Trinisic to catch an upswing on rents around the project’s opening.

Trinsic was founded in 2011 by CEO Brian Tusa and COO Joe Barrett. The firm operates in Arizona, North Carolina, Colorado, Florida, Virginia and Texas.

In addition to Aura Fairways, it has five other DFW projects in the pipeline: Aura McKinney II, a 311-unit building at 7051 Stacy Road in McKinney; Aura Crown Heights and Aura Crown Center III, two 300-unit complexes at 2100 E. State Highway 121 in Lewisville; Aura Southgate II, a 303-unit project in Grand Prairie; and Aura Northline, a 32, a 305-unit complex at 521 J Place in Plano.