One of North Texas’ biggest apartment builders, Trammell Crow Residential, plans to start construction on $1.5 billion worth of new rental communities across the country. The communities will offer more affordable housing.
Allora apartment communities, built by Crow Residential, will be coming to Denton and Houston as a part of their country-wide expansion. Crow Residential is owned and operated by Crow Holdings, who is an investor based in the Dallas area.
The Allora project located in Denton will be near U.S. Highway 380 and is set to open this spring for renters with household incomes starting at 80% of the area median income. There will be 378 units available at opening.
“As many people in the country grapple with economic uncertainty and rising costs, the demand for attainable communities like Allora will only continue to grow,” said Crow Holdings CEO Michael Levy in a statement.
“We are so pleased to be able to provide housing options for teachers, first responders, healthcare workers, and others like them who many have had difficulty finding places to live near the places they work. In addition to addressing a substantially unmet need, attainable housing is a highly attractive investment opportunity due to its speed to market, reliable income stream, and favorable operating costs,” he added.
Crow Residential is currently building 2,400 Allora apartment units in three states and have plans to start another 8,000 in about twenty different U.S. markets. During Trammell Crow Residential’s existence, they have developed more than 260,000 multifamily units.
Crow Holdings first started in 1948 and developed the Dallas Market Center in 1957. It is a privately owned real estate investment and development firm that currently has more than 70 years of real estate experience with $24 billion worth of total assets under their management. The company has over seventeen offices nationwide and continue to expand even further.