DFW’s Expanding Jobs Give Rise to Absorption, Rent Uptick
The North Dallas market has recorded an uptick in absorption and rents during the last six months, and Leon Capital’s Society 190 looks to take advantage of the expanding employment in the area.
RICHARDSON, TX—As jobs continue to take center stage with regard to just about all commercial real estate transactions and assignments, a recent property management award is no exception. Leon Capital, owner and developer of the 415-unit multifamily community, Society 190, has awarded management to Roscoe Property Management/RPM. According to RPM president, Jason Berkowitz, Leon Capital selected RPM for this assignment due to RPM’s experience in luxury property leasing and management throughout the Southwest.
The North Dallas market has recorded an uptick in absorption and rents during the last six months and Leon Capital’s project looks to take advantage of the expanding employment in the area. New companies moving headquarters to North Dallas include Dallas Cowboys, Toyota, FedEx, State Farm and Texas Health Resources.
The community will feature amenities such as multiple fitness centers, a wet deck and infinity pool, a 1.5-acre public park with art installations, new eateries and retail spaces, as well as a dog park. It begins leasing this month.
RPM is expanding its portfolio in Dallas and is scheduled to move into its new Dallas regional office located at The Union in Uptown in August. The property management company now has approximately more than 3,000 units in DFW, and currently manages 140 communities representing 30,000 multifamily units across Texas, Florida, Colorado, Ohio and Kentucky.
“This RPM growth in the DFW region couldn’t come at a better time. Indeed, the submarket surrounding Oak Cliff, along with the West Dallas restaurant community of Trinity Groves, experienced a yearly apartment rental rate growth of 12.6% over the past three months, which is the largest increase experienced among all DFW’s 37 submarkets,” Berkowitz tells GlobeSt.com.
Furthermore, a total of 111 apartment communities are under construction across DFW, with 32,000 units planned. Another 82 communities with a combined unit total of 37,000 are in the proposal stage, according to Smart Apartment Data. Uptown Dallas continues to develop as a primary business hub due to its central location, high quality office space at premium rents and its walkable environment.
Berkowitz added that RPM was also awarded the management of two additional Leon Capital communities: Magnolia Station, located in Victory Park in Dallas and Hillstone River Walk, located in Flower Mound, TX. In addition, he indicated that Crow Holdings has awarded RPM the management of its Frisco 430-unit community, Sonsrena, and its 125-unit Uptown Dallas community, The Dylan.