One of North Dallas’ most prominent intersections is getting a new rental community.
But don’t think this is just another apartment project.
Greystar Real Estate Partners’ 30-acre development at the northwest corner of Inwood Road and Forest Lane will have something for every kind of resident.
The project – more than three years in the making – will include everything from seniors housing to rental single-family homes.
There are also 180 rental townhomes and new athletic fields for the school next door.
"This arguably one of the most important locations in the city," said Greystar managing director Laird Sparks. "We were able to end up with something that is workable for everybody."
Greystar tore down more than 200 apartments on the corner that were built in the early 1970s. The strategic site has been owned by the same Dallas family for more than a century.
Developers originally planned to build both apartments and a shopping center on the site but went back to the drawing board several times after meeting with neighbors.
Sparks said Greystar stuck with the project through multiple redesigns.
‘You are not supposed to fall in love with real estate but this is a unique opportunity we thought," he said.
The project the builder came up with includes 190 apartments for active seniors at the south end of the tract.
"We feel like there is going to be demand for that product," Sparks said. "A lot of the neighborhood has family members they thought would fit this demographic well."
The seniors’ apartments, which will provide extra services for residents will average, abort $2,800 a month in rent.
The 2-story and 3-story townhouses at the heart of the property will start at more than $2,000 a month.
On the west side of the property along a creek, Greystar plans to build about a dozen rental houses.
About six acres on the north end of the tract will be used for sports fields for Jesuit College Preparatory School of Dallas, which is next door.
"They have been looking for land for extensive period of time to expand," Sparks said. "There was an opportunity to help them expend, increase the green space and bring our density down."
Houston-based architect Meeks + Partners designed the entire development which will start opening in early 2019.
South Carolina-based Greystar has recently built several apartment communities in North Texas.
The developer just completed a high-rise in Victory Park northwest of downtown Dallas. And east of downtown Greystar is building a 10-story rental project with a ground floor grocery store.
Greystar Real Estate’s 30-acre renta project is at the northwest corner of Forest Lane and Inwood Road.