A California-based developer is set to expand its North Texas real estate portfolio with a new rental project in Farmers Branch.
Fairfield Residential plans to build a more than 600,000-square-foot rental complex called the Fairfield Midway Apartments. Located on Midway Road just north of LBJ Freeway, the 360-unit rental community will be the company’s latest apartment project in the region.
Other projects by the apartment builder include a 475-unit rental community near Meadow Road in North Dallas and a 267-unit luxury apartment building situated at the corner of Ross Avenue and Houston Street near Dallas’ historic West End District.
North Texas was one of the nation’s fastest-growing apartment markets in the first quarter of 2023, with around 700,000 total apartments under construction, according to data from RealPage, a cloud-based property management firm based in Richardson.
While submarkets like Frisco, Farmers Branch, and Grand Prairie continue to see record demand for commercial and multifamily development projects, Dallas has been struggling to capture the same level of demand and attention, in part due to its slow permitting process, which has caused some large-scale commercial and multifamily projects to exceed budgeted costs and development timelines.
Construction on the Fairfield Midway Apartments is expected to break ground in early 2024, with a scheduled completion date set for the first half of 2026, The Dallas Morning News reported. The site is currently occupied by an industrial building and has been zoned for commercial use since the 1970s.
Upon its completion, the Fairfield Midway Apartments will include an amenity center, a rooftop terrace, two courtyards, and two dog parks, among other high-end features, according to documents filed with the city, as reported by Construction Review Magazine.
The Farmers Branch City Council approved the project earlier this year. The project, designed by Bedford-based CNK Architects, has an estimated development cost of $60 million, the DMN reported.
The Dallas Express contacted Fairfield Residential for more information about the future rental community but did not receive a response by the time of publishing.