$16M Tuscany Rising in Hot Multifamily Market

LEWISVILLE, TX-Mockingbird Properties of Dallas has just broken ground on a $16-million apartment complex in Lewisville, a suburb north of Dallas now leading the region on under-construction multifamily product. The 288-unit Tuscany Gardens is going up on the southeast corner of Valley Ridge and Garden Ridge Boulevard.

Lewisville is emerging from the shadows of other Dallas suburbs as it gains developers’ attention, particularly from the residential crowd. As the population grows, the gap narrows between Lewisville and its upscale neighbor of Las Colinas/Valley Ranch. “There used to be a big difference in quality of product,” Greg Willett, research director for M/PF Research in Carrollton, tells GlobeSt.com. “But, in this latest generation of product, they’re getting pretty similar.”

The Tuscany project, also called Toscana at Valley Ridge on the developer’s Web site, will be competing for tenants in a 90%-occupied market where rent averages $750 per month. The Tuscany, though, is designed for the well-heeled and sure to fetch considerably more on the open market. The complex is to deliver by July 2003. It was designed by in-house architect David Cannon and will be built by Shreveland Construction Co.