DALLAS-Behringer Harvard Multifamily REIT I Inc. has teamed with Trammell Crow Residential on its fourth project, the 365-unit Alexan. The multifamily property is scheduled for completion by fall, 2015.
Alexan will be located on Goat Hill, a close to five-acre site bounded by Houston Street and Harry Hines Boulevard, just northwest of the CBD. Goat Hill actually is a hill; many of those traveling from downtown Dallas north on Interstate 35/Stemmons Freeway best know it as the location of the large waterfall beer sign and the former site of Baby Doe's restaurant.
These days, however, Goat Hill is not far from the Victory mixed-use development, along the Katy Trail. Goat Hill is also very close to the Uptown submarket, one of the area's largest employment centers.
“It is exciting to build on such an iconic site on the Katy Trail in Dallas,” says Mark T. Alfieri, President and COO of the Behringer Harvard REIT. “We are delighted to start another project with TCR, a respected firm that has proven to be a reliable development partner.”
Adds Steve Bancroft, senior managing director of TCR “We are proud to have closed our fourth transaction with the REIT in the last 18 months. The Alexan will be a unique community that capitalizes on its location to deliver panoramic skyline views from a rooftop pool/patio, unparalleled access to the Katy and Trinity Strand Trails, and luxury finishes throughout the residential units and amenity areas.”
The REIT is the venture's general partner; the Crow Family is a co-investor; and TCR is the developer of The Alexan. The property's offerings will consist mainly of studios and one-bedroom apartments (69%), while 31% of the units will be two-bedroom apartments. Unit sizes will range from 436 square feet to 1,865 square feet.
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