Texas-based real estate developer, owner, and operator Presidium has set its sights on Far North Dallas for the location of its newest apartment complex.
The company is currently working on plans for an apartment community on Valley View Lane, near LBJ Freeway. The project, formally titled “The Presidium Valley View,” is set to begin construction in the first quarter of this year and will be completed by late next year. According to the planning documents filed with the state, the development will cost more than $52 million and will be designed by O’Brien Architects.
Previously, Presidium began work in Frisco square with a 368-unit apartment community near Frisco’s Main Street and the Dallas North Tollway. O’Brien Architects also designed this project and is set for completion in mid-2023.
First established in 2003, Presidium has an 18-year operating history and an existing real estate portfolio that totals approximately $2 billion in Assets Under Management. The company says that they represent a spectrum of disciplines, including acquisition, development, property management, asset management, law, finance, accounting, special servicing, and public-private partnerships.
Presidium also owns and runs over 13,000 apartment units and 80 multi-family homes, student housing, office, retail, and land asset space. In 2021, Presidium won the Top North Texas Multi-family Real Estate Developer Award, Best Place to Work in Multi-family, and was a Developer of the Year in the DCEO Commercial Real Estate Awards.
Developers in the Dallas-Fort Worth area are recently starting to push for apartment communities because of the low vacancy rates for existing rentals in the area. According to data from RealPage based in Richardson, only 2.8% of DFW apartments were vacant, and average rent saw a 17% increase in 2021. Presidium is striving to create more of a market for real estate in Texas, Florida, Georgia, and New Mexico.
