A Dallas-based real estate company plans to build new apartment communities in Arlington and Denton.
Bridgeview Multifamily LLC already owns $330 million worth of properties in several Texas markets.
Its Arlington project will include 250 rental units on 6.34 acres at 800 W. Barden Road. The developer recently received city approvals for a project on a vacant lot near Interstate 20.
The four-story apartment building, called Mercantile Lofts, will feature one- and two-bedroom units averaging 796 square feet. A swimming pool, courtyard and single-storey parking garage are also planned.
“Because of our previous experience with similar sites, we were able to design a unique project that provides the density necessary to make the numbers work to make the development viable,” Steve May, Bridgeview president and founder, said in a statement. “Developers have struggled for years to find a way to develop this site. Fortunately, no one else had the foresight to accomplish what our urban design team did.
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According to Bridgeview, Arlington’s rental market is 94% occupied, with an average rent of $1,254 per month.
The developer in Denton plans to build 15 three-story apartment buildings with one- and two-bedroom units, averaging 875 square feet. The rental community will include a clubhouse, pool and dog park.
The development site is located at East McKinney Street and Hummingbird Lane, near the company’s 288-unit Denton Forest Crossing apartments.
Bridgeview plans to break ground on both projects by mid-2024.
The builder has six developments with an additional 1,966 apartments under construction for locations in Texas. Bridgeview Multifamily is a subsidiary of investor BV Capital.
“There is a significant imbalance in housing supply and demand in Texas,” Rob Anderson, president of PV Capital, said in a statement. “We don’t have enough units to keep up with internal migration trends.”
BV Capital last year purchased the Dunhill Design District apartments at 1900 Hi Line Drive northwest of downtown Dallas. The property was built in 2018 and has over 200 rental units. The investor is also building a 7.8-acre residential project in Mansfield.
Dallas-Fort Worth is the fastest-growing apartment market in the country with more than 70,000 units being built.
Bridgeview Multifamily’s Arlington apartment project will have 250 rental units.(Contributed/Bridgeview Multifamily)
