The 14-building Pradera will start to come on line in January.The project is a joint venture first between Criterion andDallas-based Trammell Crow Acquisitions Fund II, which kicked inthe equity for the 30-acre development at the intersection ofCuster Road and Texas 190. The mix of one-, two- and three-bedroomunits will average 1,040 sf and rent for $1.20 per sf, onaverage.

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Jason Leeds, Criterion's vice president and Texas regionpartner, tells GlobeSt.com that the JV will wait until Pradera isstabilized before deciding if it will be a merchant build or along-term hold. He says the last units will come on line in August2009, with stabilization projected for first quarter 2010.

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[IMGCAP(2)]Pradera's development site is close to a 65-acreproposed office park by Hall Financial Group. The complex, withsustainable components, was designed by CSD Architecture and BGOArchitects Inc., both in Dallas. Waterman Construction Inc. ofDallas is the general contractor. Land Design Partners of Austin isthe landscape architect, weaving in seven pocket parks to aresort-style concept with outdoor "living rooms" outfitted with anoversized fireplace and plasma TVs for residents. Charlotte,NC-based Wachovia Bank provided construction financing.

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A year ago, Criterion unveiled its first resort-style rentalproject, the Monterey-Uptown, a 371-unit development on 3.5 acresalong McKinney Avenue in Dallas. Leeds says sites are underconsideration in Austin on the east side of the river and Dallasfor variations of the resort-style design.

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