A Dallas-based property firm plans to build new apartment communities in Arlington and Denton.
Bridgeview Multifamily LLC already has $330 million in properties in multiple Texas markets.
Its Arlington project will include 250 rental units on a 6.34-acre tract at 800 W. Bardin Road. The developer recently obtained city approvals for the project for a vacant tract near Interstate 20.
Called Mercantile Lofts, the four-story apartment building will have one- and two-bedroom units averaging 796 square feet. A swimming pool, courtyard and single-level parking garage are also planned.
“Because of our past experience with similar sites, we were able to design a unique project that provides the density needed to make the numbers work to make the development viable,” Steve May, Bridgeview’s president and founder, said in a statement. “Developers have been struggling for years to find a way to develop that site. Fortunately, no one else had the insight to accomplish what our team did with the urban design.”
According to Bridgeview, Arlington’s rental market is 94% occupied, with an average rent of $1,254 a month.
In Denton the developer plans to build 15 three-story apartment buildings with one- and two-bedroom units, averaging 875 square feet. The rental community will include a clubhouse, pool and dog park.
The development site is at East McKinney Street and Hummingbird Lane, near the company’s 288-unit Denton Forest Crossing apartments.
Bridgeview plans to start both projects by mid-2024.
The builder has six developments with an additional 1,966 apartments in the pipeline for sites in Texas. Bridgeview Multifamily is an affiliate of investor BV Capital.
“There is a significant housing supply and demand imbalance in Texas,” BV Capital President Rob Anderson said in a statement. “We just don’t have enough units to keep pace with in-migration trends.”
BV Capital last year purchased the Dunhill Design District apartments at 1900 Hi Line Drive northwest of downtown Dallas. The property was built in 2018 and includes more than 200 rental units. The investor is also building a 7.8-acre apartment project in Mansfield.
Dallas-Fort Worth is the country’s fastest growing apartment market with more than 70,000 units being built.
