Dallas-based Zale Properties Inc. has obtained financing to develop The Monarch, a luxury apartment community planned in Allen.
The building, located at the intersection of Alma Road and State Highway 121, is part of a larger mixed-use development project. JLL Markets secured the financing for Zale from global real estate investment company Kennedy Wilson, based in California.
While the details of the transaction were not disclosed, JLL has helped Zale lock down large deals in the past. JLL was responsible for closing the financing on an over $58 million loan to support Zale’s construction of the Sapphire Bay development in Rowlett, as reported in The Dallas Express at the time.
The new building in Allen is expected to include one-, two-, and three-bedroom units averaging 931 square feet in size. All in, the development is estimated to cost around $75 million.
“The successful arrangement of this construction financing package for The Monarch underscores the strength of the multifamily market in Allen and the broader Dallas-Fort Worth region,” said a member of JLL Capital Market’s Debt Advisory team, Director Bo Beidleman, in a December 12 statement.
“This luxury apartment community is well-positioned to capitalize on the area’s strong population growth and increasing demand for high-quality rental housing in desirable suburban locations.”
JLL Senior Managing Director John Brownlee and Analysts Chad Lisbeth and Jordan Buck were also part of the team representing Zale.
The over 300,000-square-foot complex will sit on a 4.7-acre site, part of the broader 80-acre development known as The Avenue. At full buildout, The Avenue will have one million square feet of office space, 275,000 square feet of retail, dining, and entertainment, dozens of single-family homes, around 1,600 urban residential units, and three hotels.
Zale has not announced when it intends to break ground, but the building is slated for completion during the first quarter of 2027.