A highly sought-after corner of North Texas is set to get a new rental community with about 100 new townhomes.
A company tied to the acquisition and development firm Core Spaces recently acquired roughly 14 acres of vacant land near Stonebriar Centre in Frisco with plans to build a 95-unit rental community called the Oxenfree, The Dallas Morning News reported.
Located on the southeast corner of Warren Parkway and Ohio Drive, the Oxenfree at Stonebriar will be the latest project in a line of townhome communities designed to deliver renters the single-family home experience without the burden of a costly mortgage, according to Matt Pagoria, vice president of Core Spaces.
“This community is one of the most sought-after areas near Dallas — it has great schools and parks, and tons of restaurants and things to do,” said Pagoria, per the DMN.
The Oxenfree at Stonebriar will feature a number of high-end amenities, including a community swimming pool and a clubhouse. Construction on the rental project is expected to start sometime in early 2024, a company spokesperson said, according to the DMN.
Once the project is complete, renters at the Oxenfree will be located in close proximity to major employment centers, retail shopping areas, restaurants, and more. The townhomes will also be a short 30-minute drive to both DFW Airport and Dallas Love Field.
Collin County Appraisal District’s record date for the deed shows early August, with information on the value listing an appraisal of more than $7.3 million, the DMN reported.
The property was brokered by Cooper Eddy of Dallas-based CRE Land Group, who referred to the nearly 15-acre plot of land — which was rezoned for townhomes in February — as a great infill location ideal for single-family rental and build-to-rent projects.
“It doesn’t get much better,” he said, per the DMN.
Core Spaces said it plans to build additional rental communities throughout North Texas but has not given a timeline on when these projects would make their way down the pipeline.
Given the urgent need for more housing in North Texas, more projects would certainly be welcomed. Dallas-Fort Worth was found to be one of three major metro areas dealing with a severe housing shortage in 2023, according to a recent Bank of America Institute analysis reported by The Dallas Express.
Still, developers who want to build in Dallas versus other parts of Texas are often burdened by long permit approval times and other development and administrative barriers preventing them from doing so.
Landsea Homes is a local developer that has chosen to pursue rental projects in Central Texas over North Texas, as recently reported by The Dallas Express.
