One of the busiest apartment developers in North Texas is partnering with two out-of-state investors on a new, mixed-use project near the Galleria shopping mall.
Newport Beach, Calif.-based Buchanan Street Partners and Minneapolis-based CarVal Investors will pump $16 million into the first phase of the Alpha West development in Farmers Branch. Irving-based apartment builder JPI is constructing a 409-unit, $74 million apartment complex as part of the project at the southwest corner of Inwood and Alpha roads.
JPI and Dallas-based Bridgeview Real Estate are developing the site which will include retail, hotel and office space as well as the apartments.
Strong regional growth and the opportunity to work with JPI on a major project in the dynamic Galleria submarket made the investment compelling for Buchanan Street Partners, Bob Dougherty, partner at the firm, said in a prepared statement.
Jefferson Alpha West will have a resort-style pool, a two-story clubhouse and a fitness center. It will be within walking distance of the Galleria.
Up to 300,000 square feet of office space, 100,000 square feet of retail and a 155-room hotel are also planned in the broader Alpha West project.
A building wave around the Galleria is beginning even as the city and developers grapple with a plan for the fading Valley View Mall nearby. Counting Jefferson Alpha West, JPI has three new rental communities in the works in the Galleria area along the west side of the tollway.
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