Dallas developer buys land for new Farmers Market apartment project

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Jake Dean

The Dallas Farmers Market is undergoing a $64 million renovation. This is one reason why developers are becoming attracted to the neighborhood.

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Candace Carlisle

Staff Writer- Dallas Business Journal

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Dallas-based development company Alliance Residential Co. has bought a tract near the Farmers Market in Dallas — which is in the midst of a massive renovation— to build a large apartment community.

Terms of the land sale were undisclosed.

Alliance Residential bought 7.51 acres of land at 835 S. Good Latimer Expressway from Sagenite Dallas Co., which was represented by Dallas-based Madison Realty Investors.

The buyer was represented by Lew Wood, Andrew Doster of Henry S. Miller Brokerage, and co-brokered with Jim DePetris.

Plans for the new development include bring a 340-apartment urban-style home to the neighborhood. Dallas' urban core has been recently filling up with apartment developments as builders look to meet the demands of the region's growing population.

Since January, Dallas has added 5,078 for a total of 475,000 apartments through June, the second-highest growth in apartments among U.S. cities, said Jay Denton, vice president of research for locally based Axiometrics. Houston, the No. 1 market in the country, added 6,756 for a total of 591,000 apartments for the first half of the year, according to the firm's data.

Next year, Dallas-Fort Worth developers are expected to add 11,724 new apartments, he said.

"This is one of the top markets for deliveries and we're seeing strong rent growth," Denton said. "We are developing 11,000 to 13,000 new units a year and barely satisfying demand."

Candace covers commercial and residential real estate and sports business.