360-Unit Pradera Project Nearing Vertical Stage

RICHARDSON, TX-With nearly four months of dirt work now done, Dallas-based Criterion Property Co. LP will be going vertical in two weeks on the 360-unit Pradera, its second resort-style rental product in North Texas. Sources say the developer is close to signing JPI Management Inc. to oversee the project, estimated at more than $40 million.

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.