Wednesday, April 22, 2015

Stonelake will build $250M urban residential district in West Dallas

The $250 million project will bring apartments and single-family homes to West Dallas.
Stonelake Capital Partners announced Thursday that it plans to develop a $250 million urban residential district in West Dallas called Trinity Green.
The Dallas-based private equity firm closed on the purchase of 25 acres at 1000 Singleton Blvd. in December. It is at the intersection of Singleton Boulevard and Sylvan Avenue.
According to Stonelake, Trinity Green will include a mixture of for-sale and for-rent residential properties. It will feature streets that will be lined with street trees and street lamps all built around a 1-acre urban green.
“Trinity Green is located at the intersection of the Margaret Hunt Hill Bridge and the new Sylvan Avenue Bridge, offering its residents unmatched accessibility to all of Dallas’s major job and entertainment centers," said Coleman Brown, Stonelake vice president. "Trinity Green is minutes from Uptown, Downtown, the Medical and Design Districts and the Bishop Arts District, and within walking distance to restaurants in Trinity Groves.”
The Dallas Business Journal recently named 1000 Singleton as the winner of the best land transaction in the Best Real Estate Deals 2015.
Stonelake said it is developing a four-story, 371-unit, Class-A multifamily project in partnership with Streetlights Residential on six-acres and plans to break ground this summer.
Stonelake also recently closed on the sale of five acres to David Weekley Homes on which it will develop three-story single-family residences.
Stonelake plans to improve area's roadways and will build a one-acre linear park, the company said in a release. It said it plans to develop the remaining 14 acres in future phases.
The first units at Trinity Green will be delivered in the fall of 2016.
Dallas Business Journal