Dallas to Receive Bulk of New Multifamily Supply

LEWISVILLE, TX—There are a few townhome options in the area but the condominium market is lacking in much of a variety for those who want to downsize, live near employment or have a low-maintenance lifestyle. And the velocity of the job market continues at an dizzying pace, especially for those who need housing yesterday.

“The DFW area continues to be a draw for job seekers and corporations. It’s home to more than 100,000 businesses and 1,500 corporate headquarters, ranking fourth in Fortune 500 corporate headquarters,” says Chris Bright, CEO of Bright Realty. “The ‘platinum corridor’ has played a huge part in the area’s growth with corporate relocations and its proximity to DFW International Airport. The community needs housing at varying price points and lifestyle products to support people moving into the area, as well as those moving within the area as their lifestyle needs or preferences change.”

The newest phase of a 324-acre mixed-use project by Bright Realty features 80 condominiums that will begin pre-selling this month in an effort to plug the housing void. The Realm at Castle Hills, located just west of State Highway 121/Sam Rayburn Tollway and Josey Lane, will include office, dining, retail, entertainment and multifamily developments.

The first phase, Offices at The Realm, a nine-story class-A office building with 235,000 square feet of office space, 15,000 square feet of first-floor restaurant space and park/outdoor entertainment space, is set to deliver this fall. In addition, The Sojourn at The Realm condominiums will feature first-floor retail and garage parking in two five-story buildings located just south of the 121/Sam Rayburn Tollway and Castle Hills Drive intersection. Buyers can choose from eight floorplan options and up to three bedrooms, with residences ranging from 956 to 1,600 square feet. Pricing starts around $200,000.

This is the second Bright Realty condominium project in Castle Hills. Its Village Shops destination, with unique eateries and neighborhood conveniences in the Castle Hills community, offered condos situated above retail in August 2017.Those sold out within two months of delivery.

“There is a demand for condos in the Castle Hills area, especially for empty nesters like grandparents who want to live close to family, those seeking an affordable alternative to a single-family home and those looking for access to great amenities and connectivity,” Bright says. “While there are a few townhome options in the area, the condominium market is very lean and this product will fill a need for several buyers, including those who want a low-maintenance lifestyle but the benefits of homeownership.”

Homeowners at The Sojourn will be able to walk or bike to The Realm using the future connected trail system, as well as enjoy a community fitness center and pool. Buyers will be able to select from one of four design schemes. Interior amenities in every home include kitchen islands, granite countertops in kitchens and bathrooms, frameless showers, stainless-steel appliances and 12-foot sliding glass doors leading to balconies. Buyers also have the option of reserved spaces in the covered garage parking. The condos will be ready for move-in late 2019.

“What is most interesting about this is the massive growth in this area,” Bright tells GlobeSt.com. “It’s a great opportunity to be able to be a homeowner for $200,000 in an area like this.”

The Sojourn at The Realm complements Bright Realty’s unique all-rental 72 single-family home community, Cottages at The Realm situated next to the condos, as well as Discovery at The Realm, a 423-unit multifamily development, 4,500 single-family homes, and its condo and townhome products available within the Castle Hills Village Shops.

The Sojourn at The Realm architect is 505 Design based in Boulder, CO; the builder is Regent Construction Group and the lender is Landmark Bank. Additional phases of The Realm include a large amphitheater entertainment district and additional multifamily living opportunities.

Markets expected to receive the near-term bulk of new multifamily supply are Dallas, Los Angeles, New York, Washington, DC and Seattle, according to a report by RealPage. Dallas leads the pack with roughly 28,000 units on the way, and with Fort Worth’s production lumped in, that total swells to about 35,000 units underway.

New supply in these markets will present a challenge to future rent growth. As has been the case for some time now, a gap exists between affordable and high-end apartments.