Glenwood Residential Inc. also secured a HUD 221 (d4) loan to push the market-rate project to reality. Berkshire Mortgage Finance Co.'s Dallas office arranged the 40-year financing with fixed 6% interest rate. The class A Woods of Five Mile Creek is going up at 6010 S. Westmoreland Rd., just three blocks from the Redbird Business Park and Redbird Municipal Airport.

Guy Brignon, Glenwood Residential's president and CEO, tells GlobeSt.com that the 15.5 acres have just closed and construction just started. He acquired the land from an investor who took the deed in the late 1980s from the RTC. "I don't think anyone ever really noticed it," Brignon says of the undeveloped tract in the heart of a redevelopment push that has the City of Dallas kicking in incentives for most deals, except multifamily.

Brignon says he will roll out a no-tax credit property that will govern rates in a neighborhood historically with below-market rents and overlooked by the national players. The units will be priced at 85 cents per sf or higher. "It will be considered the place to live in that area," he vows.

Brignon had Beeler Guest Owens Architects of Dallas design the project, with the interiors coming from Faulkner Design Group, also in Dallas. Land Design Partners of Austin is the landscape architect for the project being built by Global Construction Co. LLC of Dallas.

The clubhouse opens in November, with full delivery set for May 2004. The gated complex is designed with one-, two- and three-bedroom floor plans ranging from 621 sf to 1,245 sf. The projected rent will be $660 to $1,235 monthly.

The class A project will have the high-end features that have become so commonplace in today's multifamily developments: business center with all the technological bells and whistles, including computer training, as well as a resort-style swimming pool with spa, fitness facility and a community room. Units will feature high-speed Internet access, simulated wood floors in kitchens, oval tubs, track lighting and nine-foot ceilings. The plan calls for 35% of the units to have covered breezeways leading to garages.