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WYLIE, TX-Opus West Corp. and Alliance Communities are developing their second Broadstone-flagged development in North Texas, tapping into a northeastern suburb that hasn’t had any new class A rental product in five years. Estimated to cost more than $20 million, the 303-unit Broadstone Woodbridge will be completed in March 2009.

The development JV acquired the 20.5-acre site along Woodbridge Parkway in August, started dirt work in September and expects to go vertical sometime in November. “We’ve been looking in Wylie, Sachse and Murphy for over one year,” Brian Tusa, an Alliance partner and development director, tells GlobeSt.com. “There are very few multifamily sites available in that area.”

Forbes ranks Wylie as one of the 10 fastest-growing suburbs in the nation. “It’s a burgeoning market in terms of population growth and retail growth,” Tusa says.

Broadstone Wylie is a 30-building project with one-, two- and three-bedroom units ranging from 665 sf to 1,239 sf. Projected rents are $1 per sf to $1.10 per sf. There will be 16 carriage-style rentals, a 960-sf one-bedroom unit on top of a garage–the second time that Alliance has incorporated the niche product into a project in the metro. “Residents really like them,” Tusa says. “They feel like it’s their own home.”

Tusa points out that the slowdown in single-family housing sales bodes well for Broadstone Wylie’s lease-up plan by creating a renters’ pool because the school district is considered top-notch, but the present mortgage market has stalled many new deals. “We feel there’s some pent-up demand in that area,” he says.

Steve Chilton, Opus’ senior director of real estate development, says “we’re extremely optimistic this is going to lease up quickly.” The first units will come on line in the spring and deliver in stages for the next year. He says the pro forma calls for 20 units per month to be leased, basing the projection on a location between a new high school and new middle school.

“We are looking forward to another successful project with Alliance,” Chilton says. The JV’s first project in the metro was the Broadstone Parkway, built nearly two years ago beside the Galleria in North Dallas.

Architecture Demarest of Dallas designed Broadstone Wylie. Its landscape architect is Meeks Design Group of Richardson, TX. Opus West Construction is managing the project. Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., is the general contractor and will lease and manage Broadstone Wylie.

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