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Thursday, December 01, 2016
Apartment Block Going Up Next To Highland Park Isn't After the Usual Uptown Renter
A new apartment community being built on the edge of Highland Park is after a different renter than the typical Uptown crowd.
Provident Realty Advisors' project on Cole Avenue, called The Katy, will open next summer with 215 rental units.
"We are almost topped out with construction," said Provident Realty CEO Leon Backes. "We will be renting units starting in the spring."
Located a block from Dallas' popular Knox Street retail district and on the city limits of Highland Park, the seven-story building fronts on a large courtyard and will have access to the adjacent Katy Trail.
Apartments in the building will be larger than the typical Uptown project, Backes said. Units will average about 1,300 square feet.
"We think our renter is going to be an empty nester — not a typical apartment renter," he said. "We are not gearing this to a right-after-college renter.
"It's because of the location and the clientele we are trying to attract."
A dozen three-bedroom apartments in the building will average almost 2,400 square feet. The smallest units will start at about $2,500 a month, and rent will range up to $10,000 for large apartments with terraces on the top floor.
The Katy will have underground parking, a dog park, a two-story fitness center and a clubroom. There will be two guest suites that tenants can rent for visitors.
The building was designed by Houston-based Ziegler Cooper Architects.
"It's very classic, timeless, modern and sleek," Backes said.
About 30 percent of the renters of new apartments in urban areas including Uptown are 50 and older, leasing agents say. Developers are building larger apartments to appeal to these mature renters.
Provident Realty is the same developer building Preston Hollow Village at North Central Expressway and Walnut Hill Lane, which has three apartment buildings.
And the developer has a project in the nearby Midtown Park community on Meadow Road.