Hall Financial Group to open 156 apartment units inDallas-based Hall Financial Group has secured $16 million from the city of Dallas and the Department of Housing and Urban Development to renovate the 17-story historical Kirby Building into 156 loft and apartment residences and street-level retail.
Scheduled to open next spring, the apartments are located on 1509 Main St. at Akard Street in the heart of Dallas' central business district.
Kirby will offer 29 different floorplans ranging from 510 to 2,580 sq. ft. and ranging in rent from $550 to $3,500 monthly.
Designated as a "smart-ready" building, the 350,000 sq. ft. project will include T-1 cabling for high-speed Internet access, four telephone lines per unit, and several of the units offer a separate entrance for those tenants operating in-home offices.
$24.3 million portfolio closed by Green Park Financial Green Park Financial (Bethesda, Md.) and Dallas-based Quantum First Capital have completed the $24.3 million financing for the Westdale Multifamily Portfolio, which includes 1,428 units in seven apartment properties in Texas.
The portfolio features a variety of rental communities, which report a 94% average occupancy. The properties include Copper Canyon in Bedford and Stone Hill Terrace in Irving, which are both located south of the Dallas/Ft. Worth Airport. The Oaks of Denton in Denton is located near the University of North Texas; Lake Colony in Garland is next to Lake Ray Hubbard; Greenbriar in Temple; Lake Colony Townhomes and Preston Villas in Dallas.
Creative computer program helps presell The Concord The Concord, Seattle's newest downtown condominium project, was 50% presold in less than seven weeks.
"The 224-suite twin tower development is 70% presold for $40 million andis under way for mid 1999 occupancy," said Dean Jones, vice president of T. Jones Inc., the Concord's developer. "The high-techdesign features of the development and its unique marketing tools really accelerated our sales."
Vancouver, Canada-based Cliff Bowman & Associates Ltd. (CBA) International project marketing directors developed a variety of marketing presentations that use computer technology to create a potential buyer's vision of what the building or suite will look like before its completion.
Designer Cliff Bowman says the program makes it possible for people to complete 360-degree tours of a city, as well as conduct walk-through interactive virtual reality tours of the development, lobby and 15 suites.
The Concord is the second pre-sale success for CBA. Last October, the marketing company presold 50% of the Mayfair in Turtle Creek in Dallas in six weeks for $35 million.
TCR to build in Atlanta with annual multifamily projects Trammell Crow Residential's Atlanta office plans to build an average of two multifamily residential projects annually in the city in an effort to take advantage of the favorable financial and zoning climates.
Despite speculation that there are already too many multifamily residences in Atlanta, J. Michael McGwier, partner-in-charge of TCR's eight-state southeast division, says the market has absorbed what the company has built.
"As long as employment continues to grow in this area, there is the potential for 10,000 to 13,000 apartment units to be built here in the next two to three years based on the amount of land that is currently zoned for or has the potential to be zoned for multifamily," McGwier says.
In the '80s, McGwire says, the market was overbuilt with most residences being planned for the suburban areas of Atlanta. TCR is now concentrating its efforts on urban areas like Buckhead, Midtown and Downtown Atlanta.
Five projects are in the works for TCR, including one in Memphis, Tenn.; one in Raleigh-Durham, N.C.; and a 352-unit apartment complex called Legacy Mill in Athens, Ga.