TDI Begins Construction of Luxury Multi-family Development in Fast Growing
IRVING, Texas, Sept. 16, 2013
IRVING, Texas, Sept. 16, 2013 /PRNewswire/ --TDI Real Estate, a leader in the
development of Class A multi-family housing, has begun construction on a
luxury multi-family community in the Richardson submarket north of Dallas,
Texas near the intersection of President George Bush Turnpike and Custer
Parkway. Apartment homes in the 360-unit luxury community, Jefferson Center,
are expected to be available by the end of next year.
"The Richardson market has been one of the fastest growing in terms of job
growth and business expansion," said Matt Brendel, TDI vice president and area
partner. "Our apartment homes will be available just as major corporate
development is forecast to bring thousands of new jobs to the area."
Jefferson Center will be developed on a 30-acre site less than a mile
northeast of the University of Texas at Dallas and less than two miles from
the site of a $1 billion mixed-use development under construction near the
intersection of Central Expressway and President George Bush Turnpike that
will be anchored by the offices of State Farm Insurance.
The community will offer amenities including a resort-style pool, grilling and
cabana areas, coffee bar, and a state-of-the-art fitness center. The apartment
homes will offer one, two or three bedroom floor plans ranging from 650 to
over 1,500 square feet. Units will feature granite counter-tops, designer
appliances, nine-foot ceilings, garages and full-size washers and dryers.
Jefferson Center will provide convenient access to major employment centers in
or near Dallas via President George Bush Turnpike, Central Expressway, Dallas
Parkway and the DART Red Line. A wide assortment of retail, dining and
entertainment venues are located within minutes of the property.
"We are pleased that this transaction represents our third development project
with TDI," said Mark T. Alfieri, president and chief operating officer of
Behringer Harvard Multifamily REIT I, Inc. "Market fundamentals are robust in
the Dallas-Fort Worth Metroplex, and this community will address a growing
demand for luxury apartments fueled by the expansion of professional
employment options in the Richardson submarket and other areas north of
Senior financing for construction of the property will be provided by Texas
Capital Bancshares, Inc., Behringer Harvard Multifamily REIT I, Inc. has
provided mezzanine financing, and Catlyn Capital Corporation has provided
About TDI Real Estate
TDI currently has over 1,700 units under construction in Texas and Arizona and
has asset management responsibilities over 4,400 units nationwide. In
addition, TDI has plans to develop an additional 2,400 units over the next 12
months that are in various stages of planning and predevelopment and is
currently raising capital to complement their venture platforms in order to
fund their expansion and business plan. The firm offers investment
management, pre-development, underwriting, marketing and asset management
services as well as construction, financial and administrative services.
SOURCE TDI Real Estate
Contact: David Margulies/Katherine Quintero, The Margulies Communications
Group, (214) 368-0909
Press spacebar to pause and continue. Press esc to stop.