$21.3M Multifamily Project Takes Off in Pinnacle Park

DALLAS-A Houston developer is pushing into the North Texas market with a $21.3-million project on the only multifamily-zoned tract in Pinnacle Park, a $225-million industrial park on 900 acres off Interstate 30 in South Dallas.

Fred Morgan of Housing 2000 has just put a crew onto the 16.3-acre site on the park’s southwest corner. The 332-unit Vistas of Pinnacle Park will consist of 22 two- and three-story buildings positioned on an escarpment that overlooks the park and within several hundred yards of the Dallas National Golf Club, where the initiation fee tops $150,000.

Morgan hired Hoff Architects of Houston to design the project, which will front Davis Street at its intersection with Chalk Hill Road. It’s been at least five years since the prominent South Texas developer has rolled out a project in North Texas, Doug Ryan of Dallas-based Malone Mortgage Co. tells GlobeSt.com.

Ryan and Gayle Temple arranged the fully assumable, 40-year loan with through HUD’s 221 (D4) Multi-Housing Accelerated Program. The loan was secured at a 6% interest rate. Morgan obtained more than $19.1 million on an 18-month construction term for a project that delivers in April 2004. Park Crest Builders of Houston is the general contractor.

Ryan says he and Temple saw multifamily product was noticeably absent from the multi-million-park, an observation that triggered a telephone call to land seller, the Christon Co. of Dallas. Christon’s John Terrell said one tract was available so the duo jumped on the prospect and took the deal to their longtime client.

Morgan’s development site is just south of a proposed major retail component and situated inside the park itself, home to 13,500 jobs. A 200,000-sf Wal-Mart Supercenter has been lined up for a 20-acre tract as the lead-in product for a long-awaited retail thrust.