Texas is at the heart of car country, and Dallas-Fort Worth is no exception. Due to the spread-out nature of the metroplex, getting around via automobile is more a necessity than a choice, even for apartment renters. While in many cities it is advantageous for developers to build near new or existing public transit lines such as in Washington, D.C. or Boston, developers in D-FW look to build adjacent to new or expanded commuter routes.
It should come as no surprise that developers have had success recently building near new or expanded roadways in order to tap into potential demand facilitated by improved commute times.
In particular, projects along the expanded Texas State Highway 380, north of Frisco, and near the Texas State Highway 360 extension in Mansfield, have seen strong leasing trends despite their outlying locations.
The portion of Highway 380 that connects Denton to McKinney recently underwent a major expansion, relieving congestion in this fast-growing part of the metroplex. Though, the Highway 380 corridor is still primarily surrounded by empty fields, single family subdivisions and commercial development. Even some multifamily projects have popped up in recent years.
Five apartment projects, totaling nearly 2,000 units have delivered along Highway 380 between Loop 288 in Denton and the Dallas North Tollway since the beginning of 2016. Of the currently stabilized assets, lease-up averaged better than 25 units per month -- above average for suburban lease-ups in D-FW, which is closer to 20 units per month.
