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.