TDI Begins Construction of Luxury Multi-family Development in Fast Growing Richardson Market
IRVING, Texas, Sept. 16, 2013 /PRNewswire/ -- TDI Real Estate, a leader in the development of Class A multi-family housing, has begun construction on a luxury multi-family community in the Richardson submarket north of Dallas, Texas near the intersection of President George Bush Turnpike and Custer Parkway. Apartment homes in the 360-unit luxury community, Jefferson Center, are expected to be available by the end of next year.
"The Richardson market has been one of the fastest growing in terms of job growth and business expansion," said Matt Brendel, TDI vice president and area partner. "Our apartment homes will be available just as major corporate development is forecast to bring thousands of new jobs to the area."
Jefferson Center will be developed on a 30-acre site less than a mile northeast of the University of Texas at Dallas and less than two miles from the site of a $1 billion mixed-use development under construction near the intersection of Central Expressway and President George Bush Turnpike that will be anchored by the offices of State Farm Insurance.
The community will offer amenities including a resort-style pool, grilling and cabana areas, coffee bar, and a state-of-the-art fitness center. The apartment homes will offer one, two or three bedroom floor plans ranging from 650 to over 1,500 square feet. Units will feature granite counter-tops, designer appliances, nine-foot ceilings, garages and full-size washers and dryers.
Jefferson Center will provide convenient access to major employment centers in or near Dallas via President George Bush Turnpike, Central Expressway, Dallas Parkway and the DART Red Line. A wide assortment of retail, dining and entertainment venues are located within minutes of the property.
"We are pleased that this transaction represents our third development project with TDI," said Mark T. Alfieri, president and chief operating officer of Behringer Harvard Multifamily REIT I, Inc. "Market fundamentals are robust in the Dallas-Fort Worth Metroplex, and this community will address a growing demand for luxury apartments fueled by the expansion of professional employment options in the Richardson submarket and other areas north of Dallas."
Senior financing for construction of the property will be provided by Texas Capital Bancshares, Inc., Behringer Harvard Multifamily REIT I, Inc. has provided mezzanine financing, and Catlyn Capital Corporation has provided equity.
About TDI Real Estate
TDI currently has over 1,700 units under construction in Texas and Arizona and has asset management responsibilities over 4,400 units nationwide. In addition, TDI has plans to develop an additional 2,400 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. http://www.tdire.com
SOURCE TDI Real Estate