X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALLEN, TX-Today, a Dallas-based developer breaks ground on his first project in the Dallas suburb of Allen. Crest Place is a 156-unit design that will go up at the corner of Jupiter Road and Park Place.

Crest Properties secured the financing for the project through a deal orchestrated by Paul Brighton, vice president and senior producer for Minneapolis-based NorthMarq Capital Inc.’s Dallas office, and Anson Chan of Global Star Mortgage of Garland, TX. Brighton tells GlobeSt.com that the groundbreaking is the first of two phases that Crest is planning for the residential area near an Allen Independent School District Middle School and Ford Park, a municipal recreational complex.

Crest Place will consist of eight buildings and an office structure positioned on 8.8 acres. Delivery is set for third quarter 2002. Still to come will be a multifamily project on 5.9 acres just across the road.

Crest Properties owns other Dallas-area complexes, but the latest undertaking is the first new one to come out of the ground for the portfolio. Crest acquired the Allen land in February. “It’s a real strong infill location,” says Brighton.

The project is designed to be affordable, but carrying some higher-end amenities. The one-, two- and three-bedroom apartments carry an average monthly rental of $787. The average unit size is 837 sf.

Colonial Bank provided the financing for the project, designed by KSMG of Dallas. CF Jordan of Dallas is the general contractor.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.