Houston, Tx – May 15, 2020
Houston-based real estate private equity firm, MarketSpace Capital, announced today that they will be developing and constructing a 250-unit, Age-restricted (55+) multifamily apartment complex to be located on the North side of 635, just due east of Webb Chapel Road in Farmers Branch, Texas. The site is located on the 635-feeder road, due east and adjacent to the Dallas Medical Center.
The project, to be named the Spot @ Myra Park, will consist of a five-story apartment building, wrapped around a structured parking garage, with average unit sizes of 865 square feet. Interior finishes will consist of stainless-steel appliances, granite countertops, designer lighting fixtures, wood tile and washer and dryers in all units. Luxury community amenities include a resort-inspired pool, an indoor/outdoor TV lounge, grills, fireplace, a state- of-the-art fitness center with cardio equipment, free weights and virtual group exercise.
MarketSpace Capital prides itself on securing the ultimate location in any given market, and as such, the development offers access to highways, airports, light rail and bus service. Farmers Branch is bounded by the Dallas North Tollway on the east, Lyndon B. Johnson Freeway (I-635) on the south, and both the North Stemmons Freeway (I-35) and the Bush Turnpike (Hwy 161) bisect Farmers Branch to the west. Dallas Fort Worth International Airport is only 16 minutes from the development and Dallas Love Field Airport is 20 minutes away.
Our co-development partner has been working on this project since 2018, and with the final construction drawings in hand, we are ready to immediately start building a much-needed independent living community in an exciting growth market of the Dallas metroplex, says Sohail Hassan, Managing Partner at MarketSpace Capital. The project will total 216,230 SF on 6.103 acres and construction is expected to begin in Q3 2020 and be completed by Q1 2022. We were happy to close on the land as it represents an ideal location for our firm to provide a much-needed residential community for the active older adult lifestyle in Dallas said Dr. Masaki Oishi, Chairman at MarketSpace Capital. Additionally, with the amenity-rich area that North Dallas has to offer, together with easy on and off access to Interstate 635, Interstate 35 and the Dallas North Tollway, the site truly is a preeminent location said Oishi.
Medical Parkway is located just north of Interstate 635, minutes away from great restaurants, healthcare, shopping employment centers, golf courses, faith communities and entertainment. The property is also surrounded by a high concentration of single-family residential homes, and multifamily market in Farmers Branch boasting an occupancy in excess of 95%.
About MarketSpace Capital: MarketSpace Capital is a Private Equity Real Estate Firm that focuses on sourcing value-add commercial real estate investments for our capital partners. Through our relationships, expertise and disciplined, data-driven analysis, our veteran staff has completed over $1 Billion in transactions, and has the capability and experience required to maximize value creation through a comprehensive, programmatic and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for our investors, the properties we invest in, and the communities in which we work.