A North Texas district is set to receive a new rental community, as the region’s apartment market growth continues to outpace others nationwide.
A Dallas-based development group is planning to construct a 325-unit rental community in Lewisville’s Old Town district.
Named the Aura Main Street apartments, the roughly $50 million planned rental community was designed by Womack + Hampton Architects and will be developed by Trinsic Residential Group (TRG), a Dallas-based development and investment firm focused on building suburban garden-style properties as well as high-density urban communities.
The development site will be located between Interstate 35E and the Old Town district, according to documents filed with the state and reported on by The Dallas Morning News.
Trinsic has development projects underway in states like Arizona, the Carolinas, Colorado, South Florida, and Texas. The Dallas-based development firm has completed projects in Arizona, Texas, South Florida, Oregon, and Washington, according to the firm’s real estate development portfolio.
Trinsic has worked closely with Lewisville officials and has already developed two existing development projects in the area. The development group’s Lewisville-based projects include a 300-unit apartment community in Lewisville’s Crown Centre development as well as a 286-unit rental project on College Street in Lewisville’s Old Town. The former rental project was just recently completed, while the ladder was completed in 2020.
Rental communities and multi-family development projects have seen a surge in demand across Dallas-Fort Worth over the past decade. Lewisville is just one of the hot spots for development projects in DFW, with apartment developers like Toll Brothers and Trinsic focusing on the area’s potential for growth.
More than 60,000 rental units are currently under development in North Texas, with many more expected to be built throughout 2023 and 2024.
Construction of Lewisville’s Aura Main Street apartments is expected to begin development sometime during the summer of 2023.
