(To read more on the multifamily market, click here.)

KELLER, TX-Euro American Advisors, teaming with a Jacksonville, FL-based developer, will break ground before month’s end on a $29-million multifamily project in North Tarrant County. The 312-unit City Parc at Golden Triangle is the opening act for an $80-million, three-project pipeline for Euro American’s first ground-up initiative in the region.

“I’m looking hard at Dallas/Fort Worth,” says Jerald King, acquisitions and investments director for Euro American, an investment group with headquarters operations in The Hague and Tampa. He tells GlobeSt.com that Euro American has mapped out a plan with other developers to begin work this year on 750 rental units in Dallas/Fort Worth.

In the case of City Parc, the investment group is partnering with Finlay Development on a 17.58-acre project at the intersection of North Beach Street and Roy White Road. The first of the 11 buildings should be delivering in a year, with the balance phased in over an 18-month construction schedule.

King says the site was the decisionmaker for Euro American’s participation, citing its strategic positioning midway between Dallas/Fort Worth International and Alliance airports. “Finlay found the site,” he says.

City Parc will be a gated, class A project with one-, two- and three-bedroom apartments, ranging from 725 sf to 1,210 sf. The projected rent is $1 per sf. King says a third-party management group will be selected down the road.

Euro American’s plan is to hold City Parc for four, maybe five years, according to King. He says the development, patterned after a Finlay project in Atlanta, is rising with a typical interest-only construction loan from Washington Mutual Bank.

King says the ground-up initiative is relying on the 18-month lead time and site selection for its debut in the region’s highly competitive development arena. “Dallas is active. It’s got its good places,” he says. You’ve just got to hunt them out. Communities like Keller, because of zoning and entitlements, have not had a lot of multifamily growth.” But, he adds, the city has had its share of retail and single-family residential construction. “You’ve got to have rental product to support that,” he says.

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