Spotlight On Often Overlooked Dallas Medical District Multifamily
The new Parkland Hospital was a huge game changer for Dallas' Medical District once construction was completed in late 2014. Parkland employs nearly 10,000 people. Toss in UT Southwestern Medical Center, and it makes for an irresistible location for multifamily developers who focus on strong economic fundamentals, says Greysteel senior director Doug Banerjee (with his Virginia Tech alma mater team at the Hyperloop design competition that Elon Musk initiated last weekend at Texas A&M). It’s inevitable that developers would look to move west of the Tollway once the price for undeveloped land in North Dallas rose to historical highs and the demand to build in the Metroplex was still insatiable. Trinsic Residential Group made the first big push into this submarket west of the Tollway when they built Aura Medical District (now re-branded as Berkshire Medical District, pictured below) back in late 2014, and other major developers are following suit. The entire neighborhood has been rapidly undergoing a transformation with nearly 2,000 multifamily units either coming online or in the pipeline for the next two years.
The district is also within three miles of nearly every major Dallas thoroughfare including I-35 E, Dallas North Tollway, SH 183, I-30 and North Central Expressway. During 2015, average rental rates for the district grew nearly 10% for studio and one-bedroom floor plans, Doug tells us. Another of the transformative developments in this district is the recent completion of Maple District Lofts, a 342-unit luxury apartment community on the northeast edge of the Medical District. Completed in mid-2015, this $43M Class-A, multifamily project was developed by Lang Partners and has a sleek, modern design matching the new urban developments in the area.
