Monday, August 27, 2012

Building booms in Oak Lawn

Uptown gets all the attention, but there’s a real estate boom in Dallas’ neighboring Oak Lawn, too.
Developers are kicking off construction on a handful of large apartment projects, and more are in the works.
“It’s going to be an up-and-coming spot for more people to live,” said Brian Tusa, managing director of Trinsic Residential Group, which just started work on a 301-unit apartment complex on Wycliff Avenue. “This is a much more affordable alternative for residents to live near Uptown.
“They can be close to the entertainment areas, restaurants and bars, and not have to pay a big premium in rents.”
Trinsic’s four-story Wycliff building replaces old apartments constructed along Congress Avenue in the 1960s.
The project, among more than 1,000 new apartments in the area, will open in about a year.
“The visibility of that site on the Dallas North Tollway and along Wycliff was important to us,” Tusa said. “That area has gone through a gentrification.
“We certainly like the way the neighborhood is continuing to transform,” he said. “And obviously, our competition feels similarly.”
Developer Magnolia Property Co. is building a 32-unit luxury rental development a block away from Trinsic’s deal at 4320 Dickason.
The three-story Magnolia at Wycliff apartments will open in late February, said Randy Primrose, Magnolia managing partner.
“Our units will be very high-end and comparable to condos,” Primrose said. “The neighborhood is going to change overnight, and I’m glad we are on the front end of it.


Real Estate Editor

Dallas Morning News