Tuesday, August 16, 2016

California developer with downtown tower project has another deal in Allen

Drever Capital Management has teamed up with the Alder Group of Allen to build a new seniors housing community.











A California real estate company that's redoing one of downtown Dallas' biggest buildings is expanding its footprint in North Texas with a second project.
Drever Capital Management has teamed up with the Alder Group of Allen to build a new seniors housing community.
The 243-unit active adult apartment community is near U.S. Highway 75 and is aimed at baby boomers.
The apartments will start at near $1,400 a month.
"On average, our units are larger, with better appliances, finishes and floor plans than traditional senior housing," senior managing partner Noah Drever said. "We are able to offer Class A living accommodations and location at a rental price point that is substantially below traditional independent living communities."
The 8-acre Alders at Twin Creeks rental community will have an 18,000-square-foot recreational area with a pool, cabanas and a commercial outdoor grill kitchen.
Each unit has its own balcony and ranges in size from 730 square feet to 1,280 square feet.
KWA Construction Co. of Dallas is the general contractor for Alders at Twin Creeks. Frank Pollacia, principal of Architettura of Plano, was the designer.
Drever Capital Management has been in business since 1968 and has built or redeveloped 170,000 apartments valued at over $20 billion.
Drever is spending more than $200 million to redevelop the 52-story former First National Bank tower in downtown Dallas. Renamed The Drever, the building will have a combination of apartments, retail, office and hotel rooms.
Written by Steve Brown/Dallas Morning News