Developers hope that the new Irving apartment project will raise the bar for rent in Las Colinas.
They couldn’t choose a better place for the community — at the southern tip of Lake Carolyn, with views of the surrounding urban centers.
Robert Raycam, president of the American Residential Group, an apartment builder based in Oklahoma, said: “This site is great, but we wanted to do something different.”
The American Residential Group plans to have more than five acres of vacant lots in Las Colinas Boulevard, a higher quality community than nearby projects.
It says a lot.
With approximately 8,700 rental units, Las Colinas’ Urban Center is one of the largest apartment markets in northern Texas.
Irving Development is located between DFW International Airport and Dallas, operates on DART’s light rail line, and is close to major employment centers, making Urban Center one of North Texas’s most popular rental markets. It is connected.
Over the past few years, developers have built thousands of apartments in Las Colinas, most of which are rented.
“There are a lot of great products on the market from great developers,” says Leikam. “I think our project stands out.”
The apartments, called Mustangs, stretch along the lakeside into buildings on the 3rd to 7th floors.
The pool deck and terrace on the upper floors offer sea views. And the promenade in front of the building connects to other buildings around the park or lake next door.
“I think the tower section and the elevated pool are really different,” says Leikam. “We wanted you to feel like you were arriving at a five-star resort.”
He said the 275-unit community could have larger homes for more mature rentals.
“At the top of the list are couples who may be ready to move on from the responsibility of a 4,000-square-foot home,” Leikam said. “They want to be able to travel and not worry about their home.”
The American Residential Group purchased land for an apartment last fall. The site was owned by Fidelity Investments, which was once considered the property’s office building, for decades.
Bobby Stewart of Las Colinas-based CSE Commercial Real Estate said Tulsa-based builders are the right choice for such strategic real estate.
“There aren’t many sites left in the Urban Center,” said Stewart, who worked with American Residential on the project. “We spent two and a half to three years working on the deal from the time we made our first offer.
“Faithfulness kept it for a long time.”
The developers will start construction this summer and spend about two years building the project.
Stewart said that Mustang residents would get far more equipment than a typical rental project.
“We want to appeal to both the Empty Nest Syndrome and young professionals working at home,” he said. “We are building eight separate offices in a building that can be used by residents, and there is a private dining room that can be used by residents.”
The apartments have concierge services and valet parking at the front door.
The average unit is over 1,100 square feet. “We want the quality of this condo,” Stewart said.
The over $ 76 million apartment project was designed by Dallas architect Womack + Hampton.
Mustang will be the second apartment project of the American Residential Group at the Las Colinas Urban Center.
Developers built a Carolyn rental community of 319 units in 2018.
The American Residential Group has been in business since 1997 and has built over $ 1 billion in apartment projects. We have built a rental community in our homes of Tulsa, Austin, Knoxville, Tennessee.
The company was founded by a former partner of developer Lincoln Properties.
“Our founder has a lot of experience in Texas,” Leikam said. “We are headquartered in Tulsa, but Texas is where our growth prospects are.”