GRAND PRAIRIE, Texas — Austin-based developer OHT Partners plans to get underway on a 400,000-square-foot apartment building early next year, according to a filing with the Texas Department of Licensing and Registration.
Set to begin construction on February 15, 2023, OHT Partners will build a four- and five-story apartment building along with a five-story garage and interior pool courtyard, the filing states.
Construction has an estimated cost of $42 million and the project has an expected delivery date of February 2025. Architecture Demarest is listed as the design firm in the filing.
Multifamily development and transactions have been a-flurry in Grand Prairie, situated along I-30, as population growth, coupled with escalating rents, continues to buoy the communities surrounding Dallas and Fort Worth.
Dallas-based Kalterra Capital Partners is developing a 56-acre mixed-use project, called Midtown GP. The project is located along State Highway 161, absorbing one of the last developable plots along the highly visible and high-profile corridor.
Kalterra Capital Partners kicked off the development with The Foundry, a 366-unit multifamily product expected to be delivered in the third quarter of 2023. Additional features of the mixed-use plan that adds townhomes and a phase of retail set to include a service center, restaurants, and single-tenant and multi-tenant buildings.