In these days of wheeling-and-dealing and higher prices for land, labor, materials and more it is taking partnerships with experience, commitment and deep pockets to build out a vision. Apartment builder JPI of Irving, Madera Residential of Lubbock and Waymaker Partners of Dallas, for example, are teaming up on a $1 billion venture for more than 3,300 apartments. JPI is one of the area’s top apartment builders with more than 5,000 units currently under construction. The venture’s first 1,750 apartments are under construction in apartment communities in Frisco, The Colony, Northlake, Grand Prairie and Dallas. They all are set to open within the next three years with more units to follow. DFW is the country’s leading apartment construction market with upwards of 50,000 apartment units in active development and construction.
It may be getting harder to sell some homes in various parts of the country and North Texas is not escaping that challenge. Redfin reports that more than 45% of homes listed in Dallas and more than 44% of homes in Fort Worth saw a price decrease last month. That was up from last July’s 22.8% for Dallas and 26.8% in Fort Worth. Joining the list of cities seeing huge price decreases were Boise, Denver, Salt Lake City and Austin. And nearly 800 DFW-area homes are listed for foreclosure in September, more than double the figure from September 2021. Despite the price decreases and other challenges, many homes in DFW cost $100,000 or more than last year. The median sales price of a single-family home in North Texas hit $421,000 in July, a 15% increase from a year ago.
A huge mixed-use development in Flower Mound is closer to getting off the ground. The 50-acre Silverton Park project will bring a first phase of 200 apartments, 15,000 square feet of retail and 60,000 square feet of office space to FM2499 and Lakeside Village Parkway. A big part of the development near Grapevine Lake will be dedicated to open space, parks and walking trails. The first phase will begin before the end of the year and will open sometime in 2024. The development is a partnership between North Texas-based Thompson Realty Capital LLC and Trez Capital of Vancouver. The project is in an area where a $500 million development that will include a hotel, apartments and office space was given the green light by Flower Mound city leaders.