DALLAS-A pair of Dallas developers is under way on a $27.2-million multifamily development that will add 280 units near 264 acres earmarked by the University of North Texas for its next campus.

The Rose Court at Thorntree will start delivering in fourth quarter 2004 on 21 acres of a 52.6-acre tract bought in early November for $1.4 million from Beckley Capital LP. Provident Realty Advisors Inc., led by Leon J. Backes, is co-developing the 14-building, gated community along Old Hickory Trail with Sphinx Development, with Jay O. Oji as its president.

With all units dedicated to households earning 60% or less of the $66,500 annual median income, Rose Court is rising in a submarket with a 92.7% occupancy in the existing multifamily stock and few available three-bedroom apartments. Today's demand and that of the future are driving three other developments, two of which will deliver this month and the third in the summer.