The 14-building Pradera will start to come on line in January. The project is a joint venture first between Criterion and Dallas-based Trammell Crow Acquisitions Fund II, which kicked in the equity for the 30-acre development at the intersection of Custer Road and Texas 190. The mix of one-, two- and three-bedroom units will average 1,040 sf and rent for $1.20 per sf, on average.

Jason Leeds, Criterion's vice president and Texas region partner, tells GlobeSt.com that the JV will wait until Pradera is stabilized before deciding if it will be a merchant build or a long-term hold. He says the last units will come on line in August 2009, with stabilization projected for first quarter 2010.

Pradera Rendering

A year ago, Criterion unveiled its first resort-style rental project, the Monterey-Uptown, a 371-unit development on 3.5 acres along McKinney Avenue in Dallas. Leeds says sites are under consideration in Austin on the east side of the river and Dallas for variations of the resort-style design.