Wednesday, April 05, 2017

Dallas private equity firm begins next phase of $250M West Dallas district

Dallas-based real estate private equity firm — Stonelake Capital Partners — plans to begin its next phase of a $250 million, 25-acre urban residential district.

The district, named Trinity Green, sits along Singleton Avenue in West Dallas. In all, the residential development will include up to 1,500 apartments and a 1-acre park.
The venture plans to begin its next phase this fall with a five-story, 324-unit Class A apartment community by Wood Partners and a 1-acre park. The community, known as Alta Trinity Green, will begin delivering homes in spring 2019.

Trinity Green will give Dallas an urban residential district with for-sale and for-rent options centered around a 1-acre park with proximity to downtown Dallas, Uptown and the city's Medical District, said Kenneth Aboussie, the managing partner for Stonelake Capital.

The apartment community will have a hotel-style lobby with a residential lounge and a 24-hour coffee bar. It will also include a fitness center, a prep kitchen with private dining room, outdoor grilling stations and an infinity pool with adjacent lounge seating.

Apartments will have a built-in Sonos wireless system with speakers, oversized walk-in closets, built-in book cases and private terraces.

Alta Trinity Green will join another apartment project, which is slated to open this month and a for-sale townhouse project.

The initial phase of Trinity Greens, a 355-unit Class A apartment community called The Austin, is expected to open in April. Stonelake is developing The Austin, which is 12 percent leased, in a joint venture with Dallas-based Streetlights Residential.

David Weekley Homes is building a 96-home, single-family residential project, called Parkside at Trinity Green, as the development's second phase. Stonelake Capital sold the homebuilder the land in 2015.

Candace Carlisle/Dallas Business Journal.