Mill Creek Announces Groundbreaking at Modera Dallas Midtown

Developer's Second Community in Midtown District Will Add 344 Homes to Thriving Area

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Jun 21, 2018, 10:07 ET

DALLAS, June 21, 2018 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced it has broken ground at Modera Dallas Midtown, a luxury apartment community in the burgeoning Midtown district of North Dallas.

The community will feature 344 apartment homes and is located within the 400-plus acre Midtown district, which is anchored by Galleria Dallas to the west and the redevelopment of Valley View Center to the east. The first apartment homes are scheduled for delivery at the end of next year with completion of construction slated for summer 2020.

The development community is a joint venture with Abington Properties. Dallas-based Texas Capital Bank provided construction financing.

"We're thrilled to bring a second community of luxury apartment homes to this thriving area," said Rick Perdue, senior managing director of development in Texas for Mill Creek Residential. "We had the first development community in the new Midtown district, which was incredibly well-received by residents, exceeding our expectations. We hope to continue that success next door at Modera Dallas Midtown."

Modera Dallas Midtown is the company's second community in the Midtown district, the first being the 321-home Modera Near the Galleria (located at the corner of Noel Road and James Temple Drive), which began construction in September 2015 and opened its doors to its first residents in May of last year.

"The Midtown district of Dallas has really transformed since we broke ground on Modera Near the Galleria in late 2015," Perdue said. "We've benefitted from leasing successes at the Galleria Office Towers next door and other office developments along the Tollway. Looking forward, continued investment by household names like Hillwood, KDC and Seritage will make this an even more desirable place to live, work and play for today's discerning renters."

The community is located immediately adjacent to Galleria Dallas – a premier international shopping destination with flagship brands, numerous high-end restaurants, a Westin Hotel and the Galleria Towers' 1.7 million square feet of Class A office space. And the proximity to two major highways – LBJ Freeway and the Dallas North Tollway – will provide residents with convenient connectivity to employment centers across Dallas/Fort Worth, a majority of which are located within a 20-minute drive.

The five-story Modera Dallas Midtown will feature studio, one-, two- and three-bedroom homes, with an average home size of 851 square feet. Community amenities will include a distinctive double volume lobby with coffee bar and adjoining ride share lounge; an expansive clubhouse with social kitchen, gas fireplace, and gaming; membership-quality fitness center with spin studio; and a resort-style pool with tanning ledge and water features. The community will also feature an innovative collaborative workspace.

"Every time we visit a community, we see more and more residents working from home," Perdue said. "We wanted to provide a unique space for those residents looking to work alone or collaborate in groups both large and small. We've come a long way from the typical 'business center' of the past."

Other amenities will include outdoor cooking and dining areas with gas grills, free Wi-Fi in all social areas, a pet park with owner's lounge and pet spa, 24-hour package delivery with cold storage capabilities, and a cave lounge – complete with a bar and gaming area – connecting the two courtyards.

Apartment interiors will be furnished with wood plank-style flooring (select homes will feature plank flooring throughout); designer kitchens with Energy Star stainless steel appliance packages, stone countertops and premium 42-inch cabinetry; full-size front-loading washers and dryers; and spa-inspired baths with backlit mirrors and spacious soaking tubs. Select homes will feature private patios and balconies, double vanities, walk-in showers, 'his and her' closets, dens and powder baths. Apartment homes on the first and fifth floors will have ten-foot-plus ceilings, while homes on the second through fourth floors will feature nine-foot ceilings.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2018, the company's portfolio comprises of 72 communities representing over 19,400 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.