Friday, February 06, 2015

Land deal closes for $200 million West Dallas development near Trinity Groves

Stonelake image
A $200 million mixed-use development near Trinity Groves in West Dallas is one step closer to being realized after a Dallas-based group closed on a 25-acre tract along Singleton Boulevard on Thursday.

Right now, the property that's within walking distance to Trinity Groves is being used for industrial tenants, which primarily encompasses 18-wheeler parking and repair.

Stonelake Capital Partners purchased the property for a residential-anchored development at 1000 Singleton Blvd. at the southwest corner of Singleton Boulevard and Sylvan Avenue. Dallas-based StreetLights Residential is working with Stonelake on the development.

HFF's Ben Beaird represented the buyer. John Bielamowicz of the newly formed Biel Partners LLC represented the seller, Austin International Ventures, which has owned the property since before World War II.

The property has been used as a commercial truck yard for 18-wheeler parking and repair.

In September, Stonelake Managing Partner Kenneth Aboussie said the development group was excited to revitalize this decades-old industrial property into a vibrant neighborhood for people to live in West Dallas.

Plans for the initial phase of the development, which is being called Trinity Village, includes 300 apartment homes, a number of single-family homes and commercial real estate for neighborhood service retailers.

Candace Carlisle, Dallas Business Journal