JV Readies for Second Mixed-Use Multifamily Project

HOUSTON- Months after breaking ground on the 314-unit 1400 Hi Line in Dallas, PM Realty Group and partner INDURE Fund are on their next quest: To build a luxury high rise and accompanying ground-floor retail on a 2.6-acre infill site adjacent to the high-end River Oaks neighborhood.

To that end, the partnership recently bought the acreage at West Alabama and Wesleyan Streets from condominium developer Giorgio Borlenghi with Interfin Cos. LP. The plan is to develop a 250-unit luxury apartment complex, with 12,500 square feet of retail. “As Giorgio said, and we agree, now’s not the right time to build condos, which is why he sold,” comments Bryant Nail, PMRG’s senior vice president of development. “He’s not a multifamily developer.”