DALLAS—Mill Creek Residential Trust has partnered with the largest property owner in the city's Knox Street district to build a new 208-unit residential complex. The apartment development will replace a recently demolished building at North Central Expressway and Hester Street, according to a report in the Dallas Morning News.

Mill Creek Residential and partner Sarofim Realty Advisors plan to construct a six-story apartment building that will open in 2014. The design work was done by architect Hensley Lamkin Rachel Inc. The development site is just a block north of Knox Street, one of central Dallas' most popular shopping districts.

Sarofim Realty owns several blocks of retail buildings along Knox and is working on a larger mixed-use development in the same area.The apartment development with Mill Creek was financed with a $21.53 million loan from JPMorgan Chase Bank, according to county records. Mill Creek is also building a six-story, 378-unit rental project in the Victory Park complex just north of downtown. Mill Creek was formed in 2010 by former top officers of Trammell Crow Residential.