Nearly 100 Luxury Townhomes Planned in Dallas Suburb
- Mar 07, 2008
Taking advantage of available land in the heart of the 11th fastest-growing county in the nation, NDC Capital Partners L.L.C. has partnered with Lexington Luxury Builders to develop almost 100 luxury town home units in the downtown of the Dallas suburb of Plano, Texas. No financials on the project were disclosed. The project, with 98 townhomes planned, will be known as Lexington Park at Rice Field. The site is where Plano’s first high school football stadium had been. The property is located two blocks from a recently constructed Dallas Area Rapid Transit (DART) fixed light rail station. Downtown Dallas is approximately fifteen miles to the south. The development will feature both two-bedroom and three-bedroom townhomes. A typical two-bedroom home will consist of 1,600 square feet while a typical three-bedroom home consists of 2,200 square feet. The Dallas/Fort Worth Metroplex will sustain relatively strong growth this year, supporting local apartment demand. Specifically, the rate of job growth will remain significantly above the national average, according to a report by Marcus & Millichap Real Estate Investment Services. Dallas-based Lexington Luxury Builders designs, develops, and builds luxury residences, urban townhomes, and transit-oriented developments. New York City-based NDC is a private equity firm, investing capital in U.S. commercial real estate assets and related entities through joint ventures.