(Read more on the multifamily market.)

WYLIE, TX-Opus West Corp. and Alliance Communities are developing their second Broadstone-flagged development in North Texas, tapping into a northeastern suburb that hasn't had any new class A rental product in five years. Estimated to cost more than $20 million, the 303-unit Broadstone Woodbridge will be completed in March 2009.

The development JV acquired the 20.5-acre site along Woodbridge Parkway in August, started dirt work in September and expects to go vertical sometime in November. “We've been looking in Wylie, Sachse and Murphy for over one year,” Brian Tusa, an Alliance partner and development director, tells GlobeSt.com. “There are very few multifamily sites available in that area.”