Chien reps developer in the acquisition of land for mid-rise multifamily development
DALLAS, TX – – Henry S. Miller Brokerage Associate, Ben Chien of the Dallas-Fort Worth Investments-Land Division, recently represented Zenstar Development, LLC in the acquisition of approximately 1.4 acres of land along LBJ Freeway in North Dallas. The property is located at the southwest corner of Merit Drive and LBJ Freeway (Interstate 635) adjacent to the Park Central office buildings and Westin Hotel. Zenstar, an affiliate of Florida-based Pinnacle Housing Group, plans to develop a 100 unit, mid-rise multifamily complex on the undeveloped land. “Zenstar is taking advantage of a strategic, centralized location to produce a quality product that is within 3 miles of more than 139,000 employees and within 5 miles of approximately 338,000 employees. As employment growth continues to fuel apartment demand and occupancy rates are holding steady at a 14-year high, rents continue to climb for new leases. Summit Parque will open its doors, allowing a broader population to experience life in a luxury style apartment community at more affordable rates.” said Miller’s Ben Chien.
According to Zenstar, the family oriented community will consist of 98 mixed-income units, seven stories, one-, two- and three-bedroom units and notable energy efficient elements. The building will feature a rooftop terrace, fitness center, cyber lounge, children’s play room, parking garage and family friendly amenities throughout all units. The location offers Summit Parque a unique advantage with excellent visibility from LBJ Freeway, proximity to Medical City Dallas, convenient access…all within ‘the loop’. Zenstar plans to begin construction this summer and projects completion by end of 2014.