Dallas has been on the mark in terms of job growth and affordability, traits that Texas commercial real estate investors search for when looking for their next project. Las Colinas, located in the Dallas suburb of Irving, is bringing in corporations and needed multifamily units at a tremendous rate.
The Texas commercial real estate developers who have already delved into this lucrative market, probably already know about the growing corporate hot spot known as Irving. In particular, Las Colinas, the upscale area in this Dallas suburb that seems to be attracting corporations and encouraging corporate relocations. Its location is part of the draw—located between Dallas and Fort Worth and close to DFW International Airport and DART. Irving is also home to several universities, providing, for those incoming corporations, an educated workforce. Another calling card is simply that the town has made it their mission.
There are several steps that this area has taken in hopes of drawing in big business. This includes offering rich incentives to corporations looking to move and the creation of the Toyota Music Factory to add to its entertainment sector. This entertainment destination consists of an indoor concert hall, outdoor amphitheater, retail, restaurants and a movie theater. According to an article in Bisnow, Parmenter Southwest Region Senior Vice President Josh Hedderich said, “The combination of amenities, affordability and access to the metro sealed the deal in a recent lease his firm negotiated.”
Las Colinas is home to more than 2,000 companies including ExxonMobil, Kimberly-Clark, AT&T, Citigroup and General Motors Financial. Rumor also has it that they are vying for the next headquarters for Amazon—a move that will be providing some fortunate city with 50,000 jobs. About the only criteria they do not fit that Amazon has deemed necessary is its population which doesn’t quite make the million mark. It does, however, rest in the arms of Dallas, a city of close to 4.6 million. As the jobs, people and corporations arrive, this town of 85,000-plus is continuing to see an increasing demand for multifamily units.
Multifamily Unit Development in Las Colinas
Alexan Las Colinas, a 307 multifamily unit, was completed at the end of 2016 and features garden courtyards, a pool, and amenities such as a bike shop, wine tasting lounge and virtual golf. JPI, one of the top Texas commercial real estate developers in the multifamily unit segment in this area just purchased another development site in Las Colinas’ growing Urban Center. It also has two new apartment developments on nearby properties. Last year, JPI had over 3,100 units under construction.
Private hard money lenders are often the go-to for developers looking for capital for this segment of Texas commercial real estate.
Private hard money lenders can offer rapid funding for developers needing to make a quick bid on a property that just hit the market, one of the common reasons that real estate investors obtain these types of loans. At Level 4 Funding, we provide funding for multifamily projects up to $50,000,000 with an LTV up to 90 percent. We offer a quick response and competitive rates. Give us a call for a no-obligation quote.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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