Wednesday, March 21, 2012

Camden Property to build Victory Park apartments

Camden Property's Farmers Market apartments are downtown Dallas' largest residential community.
A Houston-based apartment builder that constructed downtown Dallas’ largest rental housing community is working on a project in Victory Park.
Camden Property Trust is negotiating to purchase the 6-acre parking lot just north of American Airlines Center, property brokers say.
The property owner, Hillwood Investments, said last week that it will soon move the parking there to make way for the apartment construction.
Hillwood so far has not identified the apartment builder in talks to purchase the land on Houston Street northwest of downtown Dallas.
But Dallas property brokers familiar with the deal say Camden Property is the company that hopes to build the Victory Park project.
Camden Property, a real estate investment trust that owns and operates almost 70,000 apartments across the country, built the Camden Farmers Market apartments on the southeast corner of downtown. With more than 900 units, the rental community is the largest single housing complex in the central business district and cost more than $100 million.
Camden officials would not discuss their plans for Victory Park or confirm the pending purchase.
“Unfortunately, we can’t comment on transactions which have not already closed,” Camden vice president Kim Callahan said Tuesday in an email. “If we do acquire that land parcel, I will certainly let you know.”
Camden owns more than a dozen apartment communities in the Dallas-Fort Worth area, including projects it acquired last year in the Dallas Design District, in Frisco and in Grapevine.
The Victory Park purchase still must be finalized with Hillwood, and it will require city of Dallas approvals to construct the apartments on the block.
In preparation for the project, Hillwood has notified the operators of the American Airlines Center that it plans to relocate parking on the tract to other Victory Park locations.
The arena operators have asked for the move to be delayed until after the Dallas Mavericks and Dallas Stars’ seasons conclude this summer.