A 380-unit apartment project is heading to west Fort Worth.
Located at 1901 Chapel Creek Boulevard, the upcoming project is expected to total almost 444,000 square feet. The project has an estimated price tag of $58.5 million, according to a filing with the Texas Department of Licensing and Regulation. Called “Chapel Creek Multi-Family,” the development will include 14 total buildings. One building will act as a single story clubhouse, containing a clubroom, business center, leasing office and fitness center. The remaining 13 buildings will be 3-story garden-style apartment buildings. The project appears to be tied to Verdad Real Estate, a firm specializing in single-tenant retail development with projects across several states with an office in Southlake.
The rapid rent growth in Dallas-Fort Worth during the past 18 months, with effective rates jumping more than 25% through June 2022, likely has lower-income households seeking less costly options, according to Marcus & Millichap’s Q3 Multifamily Market Report. Submarkets that still offer proximity to jobs in the urban cores and have average effective rents below the market average performed well recently. Northeast Dallas, east Fort Worth and northwest Dallas, all of which have an average effective rent below $1,200 per month, were the only three areas where vacancy declined or held firm during the first half.