DALLAS, May 12, 2016 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of construction on Modera Hall Street, which will help create another exciting, walkable neighborhood in the heart of the Dallas metropolitan area.
Located on North Hall Street between Ross Avenue and North Central Expressway, the community featuring 340 apartment homes will be perfectly situated among some of Dallas' most exciting neighborhoods – Uptown, Downtown, Lower Greenville and Deep Ellum. Residents of Modera Hall Street will have convenient access to Dallas' largest employment centers and many existing and soon to be opened dining, shopping and entertainment destinations.
"We are incredibly excited about this opportunity. With the proposed Kroger grocery store across Hall Street, Little Woodrow's coming in at the intersection of Ross and Hall, and the existing dining and nightlife options on Ross, this area is becoming a truly walkable neighborhood," said Rick Perdue, managing director of Mill Creek Residential. "We are eager to be a part of this transformation."
Even as the neighborhood transforms, residents will enjoy being less than a mile from the Dallas Arts District and Downtown Dallas to the southwest, Cityplace Market to the north and the Baylor University Medical Center to the south. The Dallas Arts District is home to architectural landmarks and internationally acclaimed museums, including the Dallas Museum of Art and the Crow Collection of Asian Art. That's not to mention popular destinations like the 5.2-acre Klyde Warren Park, the AT&T Performing Arts Center and the Morton M. Meyerson Symphony Center.
While at home at Modera Hall Street, residents will have access to a range of lifestyle-enhancing amenities and features. An on-site dog park with owner's lounge, resort-style pool with tanning ledge and two beautifully landscaped courtyards connected by a cave lounge with seating, games and televisions will accompany a health club quality fitness center complete with a Yoga/flex studio and digital fitness on demand, business center with computers and conference room, and a fifth-floor sky lounge with sweeping views of the Dallas skyline.
Residents will enjoy the convenience of 24/7 access to their deliveries via an electronic package locker system and use of Modera-branded bikes for quick errands or a ride to nearby Klyde Warren Park.
Inside the apartment homes will be an upscale features package including quartz countertops, European-style cabinetry, stainless steel appliances and designer tile backsplashes in the kitchens, modern light fixtures including LEDs, wood-style floors throughout the living spaces, and walk-in closets. Select homes will feature standalone showers, dens and powder rooms. Studio, one and two-bedroom floor plans will be available.
"When complete, Modera Hall Street will be the premier living destination for today's young professionals," Perdue said. "From the upscale finishes in each home, to the amazing social spaces and amenities, to the walkability of the neighborhood and close proximity to North Texas's largest employment centers, the community will be well-suited for those looking to live in the middle of it all."
Mill Creek will manage the community and is partnering with Boston-based GID on the project.
"We are thrilled to form our third joint venture with Mill Creek on this investment opportunity. This asset will provide our fund with an Uptown quality product that will provide residents an option to live in a walkable infill neighborhood that features lifestyle amenities and immediate access to employment," said Andy Huntoon, Vice President of Acquisitions for GID. "Further, GID is pleased to be able to develop high-quality housing that will offer residents a significant discount to rents in Uptown."
Mill Creek Residential is one of the most active multifamily developers in Dallas-Fort Worth with 1,047 units under construction across four communities including the 179-unit Modera Uptown, the 321-unit Modera near the Galleria, the 207-unit Modera Turtle Creek and Modera Hall Street. Also, Mill Creek recently completed and sold the 208-unit Avenue H community in the Knox District neighborhood. The firm also owns and manages Lakewood on the Trail, a 352-unit community located on the Santa Fe Trail in Dallas's Lakewood neighborhood.
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, 2016, the company's portfolio comprises 54 communities representing nearly 15,600 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that employs over 600 real estate professionals in multiple offices throughout the United States. During its 55 year history the company has acquired or developed over 60,000 residential units and in excess of 15 million square feet of commercial space. As of March 31, 2016, GID controls a real estate portfolio consisting of 73 existing properties located in 14 states, comprised of 69 multifamily properties totaling 19,804 residential units (including 581,800 square feet of commercial and retail space) and 9 office and flex/industrial properties totaling 2.9 million square feet. In addition, GID has 17 multifamily properties under development in six states consisting of 5,666 residential units.
GID is involved in a variety of asset classes and real estate disciplines, and pursues opportunities both nationally and internationally. The company is engaged in all aspects of real estate investment, ownership, and operation and has divisions that specialize in development, acquisitions, real estate investment funds and separate accounts, international real estate investing, real estate hedge funds, property management, portfolio and asset management, and advisory services.
GID has one of the strongest and longest running track records in the real estate industry, and pursues investments using a combination of its own capital, institutional investment partners including the nation's largest pension funds, and relationships with a variety of major commercial real estate lenders and banking institutions.
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SOURCE Mill Creek Residential Trust LLC