(To read more on the multifamily market, click here.)

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FORT WORTH-A Dallas-based developer has revved up work on a$22-million multifamily development in Southwest Fort Worth. The15.7-acre site, banked for the past year, is the last designatedmultifamily land in its corridor.

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"We have 100% barrier to entry," Bradford Beck, president ofNorth America Partners Development Co. Ltd., tells GlobeSt.comabout the Granbury Road site. "There's no other land in this areathat could be built out for multifamily. It's absolutely the lastpiece zoned for multifamily in a 10-mile radius."

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The 282-unit Cumberland at Granbury, positioned within walkingdistance of the 1.2-million-sf Hulen Mall, will start to come online in October and be completed by April 2008. The Cumberland willconsist of 15 residential buildings and one clubhouse, with adensity of 18 units per acre and enough green space for a joggingtrack, according to Beck.

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Beck says Fort Worth's growth, now outpacing Dallas, and the 95%occupancy in the southwest submarket's multifamily market were thetriggers for starting construction. Not only are new competitorslocked out, but he says the pocket's existing stock is at leastseven years old.

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The Cumberland will be a mix of one-, two- and three-bedroomunits, some with direct-access garages. Units will range from 612sf to 1,300 sf, with 65% of the total as one-bedrooms. Theprojected monthly rents are $1 per sf or $900, on average. Theunits are market-priced, but Beck says "we believe we'll be able toachieve higher rents because it's newer product."

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North America Partners, which includes vice president John Hilz,will walk the development through lease-up and hold on another twoyears in all likelihood, according to Beck. He's expecting theresident base will be mostly employees from the five nearbyhospitals and specialty medical facilities.

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Wilkie & Associates Inc. of Dallas is the architect. AltaConstruction Services Inc., also from Dallas, is the generalcontractor.

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