It is no news that West Dallas real estate has been booming. The neighborhood is set to continue growing with another residential project. Dallas-based Larkspur Capital has purchased land on Fort Worth Avenue for a 146-unit urban home rental project.
The 8.5 acres of land is located on the other side of the landmark Belmont Hotel.
“While most single-family rental and built-for-rental projects have been concentrated in suburban locations, we’re taking an urban angle given the level of tenant demand coupled with the high barriers to entry for building this type of product in urban core submarkets,” Larkspur Capital’s Carl Anderson said, explaining the company’s investment.
According to Anderson, the Fort Worth Avenue rental housing project will be focused on adopting environmentally friendly and ecologically responsible decisions in the new community. The new complex will feature walking trails, dog runs, and pocket parks, as well as a clubhouse and pool.
“The units feature their own yards and garages, which we’ve seen yield considerable rent premium versus traditional multifamily,” Anderson said.
Larkspur Capital has built urban housing projects in East Dallas in the past. Last year, the developer also announced plans for a 200-unit apartment project in the Dallas Deep Ellum neighborhood.
The Fort Worth Avenue project is the latest in a series of development projects that the entire thoroughfare west of downtown Dallas has seen recently.