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 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.

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