An Austin-based real estate investment firm is set to build a new multi-family apartment complex in Dallas.
SITG Capital Partners LLC will soon begin construction on a new five-story, 50-unit apartment building in the historic Cedars district of Dallas, according to planning documents filed with the state.
The multi-family complex is expected to cost more than $8 million and will include a rooftop amenity deck featuring pristine views of the downtown skyline, the real estate investment firm said in a description of the project.
The rental community will be located at 1601 South Akard St. near the Dallas Police Department headquarters, south of Interstate 30.
While SITG has not formally announced a definitive start date for the project, The Dallas Morning News reported that construction is only a few months away.
SITG picked Dallas-based architectural firm Corgan to design the multi-story apartment building.
With more than $1 billion in assets under management and extensive history with Texas real estate going back to 1993, as reported by the DMN, SITG is among the latest in a growing list of developers actively scouting the Cedars district for multi-family construction opportunities.
DFW is considered one of the most active markets for apartment construction in the U.S., according to a recent Colliers report on multi-family construction in Dallas during Q4 2022.
However, even though demand for multi-family construction has generally exploded across the region, overall development levels have remained relatively flat over the past two years, according to the report, with “most multifamily construction … concentrated in Collin and Denton counties.”
Although Dallas is generally considered one of the top markets for real estate development in the country, the City’s arduous building permit process has prompted increased interest in other markets around North Texas, such as Frisco and Irving.
SITG’s planned apartment complex is reportedly expected to open sometime in 2025.
