Carrollton – Dallas Business Journal

Drug firm to add more than 1,000 jobs with new $113M Carrollton campus

Dallas Business Journal | Candace Carlisle | October 19, 2016

AmerisourceBergen Specialty Group has decided to consolidate its North Texas workforce within a new $113 million, 40-acre campus in Carrollton, which will also make room for the company to add more than 1,000 employees.

The Pennsylvania-based wholesale drug company had been looking for a new regional home for several months until it found a new home at the Offices at Austin Ranch at Parker Road and Plano Parkway in Carrollton.

In all, AmerisourceBergen plans to add 1,039 new employees in the next decade, which highlights the company’s business growth, Andrea Roy, the economic development manager, told the Dallas Business Journal.

“This will grow their workforce by a third,” Roy told me. “They will initially bring 1,184 employees to the new facility in 2019 with another 800 employees coming in a second wave in the next two to three years.

“The remainder of those employees will be additional newhires over a 10-year period,” she added.

Carrollton expects AmerisourceBergen will employ up to 3,023 workers and the city’s economic development group plans to offer the firm up to $1.9 million in grant money for the workers.

The average annual salary is $72,000. Carrollton is also offering the company a 75 percent tax abatement on business personal property (expected to be $15 million) for 13 years.

The city is also offering the developer, Billingsley Co., a 75 percent tax abatement on real property improvements (expected to be $113 million) for 13 years.

AmerisourceBergen signed a 12.5-year lease with BillingsleyCo. for the 300,000-square-foot build-to-suit development. For the duration of the deal, Carrollton expects a net return-on-investment from the economic incentive deal totaling $4.8 million.

“I think they really fell in love with the property,” Roy told me. “It’s a beautiful property with a park-like setting for a campus. They plan to enhance the lake and it has walking trails.

“It’s also still close to everything and is somewhat affordable for their employees,” she added.

AmerisourceBergen was not immediately available to comment further about the deal or the company’s growth. Gensler is the project architect.

In a written statement, James Frary, an executive vice president of the company said, “As our business grows so do the needs of our associate population.

“To that end, we are excited to continue our role as an active member of the greater Dallas-Fort Worth Metroplex in a new Carrollton office that is custom built to support our talented and expanding workforce.”

One Uptown – PaperCity Magazine

The Foodie High-Rise: New Uptown Tower Includes Two New Fancy Restaurants

PaperCity Magazine | Samantha Klaassen | October 17, 2016

The luxurious lifestyles of Dallas’ Uptown residents will soon be complemented by One Uptown, a curved-glass, high-rise residential tower set to open on McKinney Avenue in January 2017.

The 20-story building will include close to 200 modern residences with a slew of must-have amenities: private balconies, floor-to-ceiling glass windows, and state-of-the-art climate control systems, plus community amenities including a 9,000-square-foot deck and lounge, Uptown’s only rooftop pool, and a private fitness studio.

Two new restaurants are also part of the chic complex — five-star European restaurant Circo (its first U.S. location), and internationally renowned steakhouse Fogo de Chão.

One Uptown, 2619 McKinney Ave., 214.468.0001.

Waterford at Frisco – Community Impact

Construction begins on new four-story apartment community in downtown Frisco

Community Impact | Nicole Luna | October 13, 2016

Construction has begun on a new four-story apartment community in downtown Frisco.

Stoneleigh Companies broke ground on Waterford at Frisco, a 381-unit apartment community that will be located off Main Street near Toyota Stadium.

“[Frisco] is one of the fastest growing and most sought after suburbs of the north Dallas area,” Stoneleigh Companies President Rick Cavenaugh said in a news release. “The lifestyle benefits with the Toyota Stadium us as excellent fundamentals for the addition of Waterford at Frisco to the residential choices to new and existing residents.”

Waterford at Frisco will feature luxury apartment in two four-story wrap buildings, a private access parking garage and more than 9,000 square feet of retail and restaurant space.

EDI Architecture is the project architect, and Aurora National Life Company is the construction lender.

Waterford at Frisco – Dallas Business Journal

Luxury apartments kick off near Toyota Stadium in Frisco

Dallas Business Journal | Candace Carlisle | October 12, 2016

The Illinois-based developer behind Uptown’s luxury One Uptown residences on the former Hard Rock restaurant site plans to kick off a new luxury apartment community in Frisco, with ground-floor retail space.

Stoneleigh Cos. plans to soon begin on the Waterford at Frisco, a four-story, 381-unit luxury apartment community along Main Street near Toyota Stadium. In all, the two-building wrap buildings will add more than 9,000 square feet of retail and restaurant space.

The lifestyle benefits from the site’s proximity to Toyota Stadium, Frisco Square, The Star in Frisco and Legacy West was the driver behind the firm deciding to build urban-style apartments in this North Texas suburb, said Rick Cavenaugh, president of Stoneleigh Cos.

“The community will offer the best units, finishes and amenities for the discerning Frisco resident,” he said, in a statement.

The Waterford at Frisco is part of a larger growth strategy for Stoneleigh Cos., which plans on building 1,430 apartments in North Texas in the next few years.

“Seventy percent of our business is in Texas for Stoneleigh Cos., and Dallas is our largest concentration of projects,” Cavenaugh told the Dallas Business Journal this summer. “That’s because Dallas is Dallas. It’s been the strongest growing market for the past 30 years. Dallas is an important city, and it’s been good to us.”

EDI Architecture is the project architect for the community. Stoneleigh Construction Company, an affiliated firm to the developer, is the general contractor. Aurora National Life Co. is the construction lender on the project.

Waterford Residential was named the community’s property manager.

Plans for the community include fitness centers with private workout studios, community lounges, two courtyard pools, game rooms and outdoor pavilions.

Waterford at Frisco – Dallas News

Uptown Dallas project developer heads to Frisco with new apartments

Dallas News | Steve Brown | October 12, 2016

A developer that’s building one of Uptown Dallas’ new residential towers has started work on a project in Frisco.

Stoneleigh Cos. has broken ground on Waterford at Frisco, a 381-unit apartment community north of Main Street market near Toyota Stadium.

The 4-story rental community will include 9,000 square feet of retail and restaurant space. The project has community lounges, fitness centers with private workout studios, game and activity rooms, two courtyard pools and outdoor TV and grilling pavilions.

“Frisco, Texas is one of the fastest growing and most sought after suburbs of the north Dallas area,” Rick Cavenaugh, President of Stoneleigh, said in a statement. He said the project is well located with its “proximity to Legacy West and its burgeoning employment growth.”

EDI Architecture designed the project and Stoneleigh Construction Co. is the general contractor.
Aurora National Life Co. is the construction lender.

Stoneleigh in Dallas is building the 20-story One Uptown apartment tower on McKinney Avenue. The 198-unit luxury rental project will open in January.

Waterford Trails – The Paper

Waterford Trails Apartments Opens in Spring, TX

The Paper | October 12, 2016

SPRING, TX – Stoneleigh Companies is pleased to announce the opening of its newest luxury apartment community in Spring, Texas, Waterford Trails Apartments with its first residents moving in this month. The 340-unit apartment community is located on Emerald Mist Parkway near the intersection of FM 2920 and the Grand Parkway in northwest Houston.

“We are excited to announce the opening of Waterford Trails,” said Rick Cavenaugh, president and CEO of Stoneleigh Companies. “We designed the community to be a relaxing retreat for our residents with classic craftsman architecture including stone masonry on the exterior and interior designs that have an artisan appeal. Waterford Trails will be the premiere Class AA apartment community and offers our residents the best amenities and the best floor plans for this rapidly growing area. The gated community offers a grand entrance with extensive landscaping.”

The community offers one, two and three-bedroom apartment homes ranging in size from 590 to 1409 square feet of living space. Residents will enjoy granite/quartz countertops, stainless steel appliances, LED lighting, large kitchens with craftsman wood cabinets with brushed nickel hardware and wood-style plank flooring throughout the unit. Floor plans incorporate features such as 9-foot ceilings, spacious walk-in closets with Elfa designer closet systems, garden tubs and walk-in showers, full size washers and dryers, private balconies and direct access garages in many units.

Waterford Trails is part of the Waterford Residential portfolio and includes a vibrant clubhouse with the latest Precor fitness equipment, wine cave, a cyber café with coffee bar and a resident lounge. Residents will also enjoy the mega resort-style pool with a tanning shelf, waterfall, large sundeck with expansive seating and private cabanas, fire pit for after work gatherings, complimentary Wi-Fi, built-in grilling pavilion and an outdoor TV lounge.

“Since we’ve owned and built premiere apartments in Spring, Texas, we realize the benefits to our residents to live in the highly sought after Klein Independent School District,” said Cavenaugh. “Waterford Trails is a wonderful addition to our portfolio and will prove to be the best new residential community in the northwest Houston market.”

For more information on Waterford Trails Apartments, visit www.waterfordtrailsapts.com.

One Uptown – REBusiness Online

One Uptown High-Rise Apartment Tower to Open in Dallas

REBusiness Online | Katie Sloan | October 12, 2016

DALLAS — Stoneleigh Cos. and USA Infrastructure Investments will open One Uptown, a 196-unit high-rise apartment tower in Uptown Dallas, in January 2017. The project, located on McKinney Avenue, will offer units with private balconies, floor-to-ceiling glass windows, washers and dryers and large walk-in closets with Elfa closet shelving systems. Community amenities will include a rooftop pool, a 9,000-square-foot sky deck and lounge, a relaxation zone with a fire pit, a demonstration kitchen, cabanas, a private fitness studio, an entertainment room, and two hospitality suites for out-of-town guests. The tower will also feature more than 18,000 square feet of restaurant space occupied by Circo, a five-star European restaurant, and Fogo de Chão, a Brazilian steakhouse. Dallas-based architect Phil Shepard designed the development.

Waterford at Frisco – Frisco Online

Construction Begins On Waterford at Frisco

Frisco Online | October 12, 2016

NEWEST PREMIERE APARTMENTS NEAR FRISCO SQUARE

(October 10, 2016) – Stoneleigh Companies is pleased to announce the groundbreaking of Waterford at Frisco, a 381-unit apartment community located off Main Street in the bustling Frisco market near Toyota Stadium.

Waterford at Frisco will feature 381 luxury apartments in two four-story wrap buildings, a private access parking garage and more than 9,000 square feet of retail and restaurant space. Services and benefits to residents include two complete amenity packages including leasing offices, community lounges, complete fitness centers with private workout studios, Uber lounge, game and activity rooms, 2 courtyard pools and grilling and outdoor TV pavilions.

Rick Cavenaugh, President of Stoneleigh Companies, saw this property as an opportunity to bring a premiere luxury apartment community to the rapidly growing downtown Frisco neighborhood. “Frisco, Texas is one of the fastest growing and most sought after suburbs of the north Dallas area. The lifestyle benefits with the Toyota Stadium, Frisco Square, the Texas Star and proximity to Legacy West and its burgeoning employment growth intrigued us as excellent fundamentals for the addition of Waterford at Frisco to the residential choices to new and existing residents. The community will offer the best units, finishes and amenities for the discerning Frisco resident.”

The project team for Waterford at Frisco includes EDI Architecture as the project architect; Stoneleigh Construction Company as the general contractor; Waterford Residential as the property manager; and Aurora National Life Company is the construction lender.

About Stoneleigh Companies
Stoneleigh Companies is a multi-family investor and developer focused on long term investment in excellent quality residential properties in markets that exhibit strong fundamentals for rental housing. Stoneleigh operates 4,000 units and is under construction on three new multi-family communities in Frisco, Houston, and Uptown Dallas. Waterford at Frisco is a key addition to the Waterford Residential brand of urban developments being built by Stoneleigh to complement its One brand of high rise apartments. For more information, visit www.waterfordresidential.com.

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One Uptown – Dallas Business Journal

Le Cirque sister restaurant to open with luxury Uptown tower’s debut

Dallas Business Journal | Candace Carlisle | October 11, 2016

A sophisticated Italian restaurant is expected to premiere with the opening of luxury apartment tower One Uptown in early 2017.

Circo, sister to New York’s acclaimed French restaurant Le Cirque, will open to the public in January with Tuscan-inspired dishes on the first two floors of the 20-story tower on the corner of McKinney Avenue and Routh Street in Uptown.

Circo’s cuisine will be accompanied by a glass-bottom pool that will sit atop the valet area of the building on Routh Street. In all, Circo and Brazilian steakhouse Fogo de Chao Churrascaria will occupy about 18,000 square feet of restaurant space within the building.

The Dallas-based based steakhouse concept will also have outdoor patio dining and the open kitchen will showcase its churrasqueira grill.

The two restaurants are slated to open with the grand opening the 20-story residential tower, called One Uptown, in January.

Illinois-based Stoneleigh Cos. LLC, in conjunction with Dallas-based USA Infrastructure Investments LP, are behind the development of the curvy glass facade tower, which will give residents another option for luxury living in the walkable neighborhood with 196 market-rate apartments.

One Uptown’s apartments are expected to hit the market at $3 per square foot, with penthouse units on the 17th, 18th and 19th floor expected to lease for a premium.

“We didn’t want just a square box on the corner, but one with a graceful flow that goes up the building,” Stoneleigh CEO Rick Cavenaugh told the DBJ on a hard-hat tour this summer. “It makes for a strong statement of the building, which the site demanded the structure to be.”

Hunt Construction Group is the project’s general contractor. Dallas-based Humphreys & Partners is the tower architect.

The building’s glass curve design was created by famed Dallas architect Phil Shepard.

The tower will include a rooftop pool with a 9,000-square-foot Sky Deck and Lounge with unobstructed views of the Dallas skyline.

Other amenities include a fire pit, demonstration kitchen, entertainment rooms, private fitness studio and two hospitality suites available for out-of-town guests.

One Uptown – Bisnow

WHAT MAKES THIS UPTOWN PROJECT UNLIKE ANY OTHER

Bisnow | Julia Bunch | October 10, 2016

Stoneleigh Cos president Rick Cavenaugh announced today that One Uptown (which topped out in June) will open in January 2017. We sat down with Rick before the Class-A 20-story tower opens (and before Rick speaks at our 2016 Development & Construction Forum event) to hear what makes the project unlike anything Uptown’s seen in quite a while.

Adaptation
The 100-year flood Dallas got in 2014 delayed One Uptown’s construction significantly. While Rick calls the weather “irritating,” the delay also allowed Stoneleigh to take another look at the rapidly changing market and adapt the project accordingly. He saw what was happening with rents in other trophy projects and knew Stoneleigh needed to offer more for residents to remain at the top of the market, Rick says. After that, Stoneleigh upped One Uptown’s amenities and unit finishes.

Site Location
On the cross streets of McKinney Avenue and Routh Street, One Uptown’s lot resembles a parallelogram more than a square. Stoneleigh used that shape as inspiration for the 198-unit tower.
Here are Jack Sovern, Philip Kingston, Paul Cheng, Rick, Peter Lloyd and Phillip Shepherd at One Uptown’s groundbreaking.

Architecture
Unlike a typical Uptown apartment that runs 10 to 25 stories with brick exterior, punched windows and concrete balconies in a linear building, Rick tells us One Uptown utilizes a constantly flowing façade so no part of the building is a straight line. Every way you look, the building has a distinctly different impression. Rick says the building, designed by Dallas-based Humphreys Partners, has a lot of motion.

Pools
One Uptown has two drool-worthy pools. A residents-only pool on the roof has more of a relaxation vibe with cabanas, a fire pit, grills, lounge chairs and the killer view you’d expect from any 240-foot-high rooftop in Dallas. One Uptown also has the first glass-bottomed pool in the Big D, which can be seen from a ground-level entry. The latter is accessible to the public through Osterio de Circo restaurant and has a pool bar and DJ booth (perfect for some quintessentially Uptown entertainment).

Next!
Stoneleigh isn’t stopping after One Uptown. It recently closed on a construction loan for Waterford at Frisco, a multifamily property that will house 380 apartments next to Toyota Stadium in Frisco. At full build-out, the project will have 600 units. Stoneleigh is also under contract with a multifamily project at I-35 and Belt Line Road in Carrollton called the Switch Yard.

Hear more from Rick, Andrew Ord, Kevin Crum and many others at our 2016 Development & Construction Forum event on Oct. 20.

Waterford at Frisco – Stoneleigh Companies, LLC

CONSTRUCTION BEGINS ON WATERFORD at FRISCO
NEWEST PREMIERE APARTMENTS NEAR FRISCO SQUARE

(October 10, 2016) – Stoneleigh Companies is pleased to announce the groundbreaking of Waterford at Frisco, a 381-unit apartment community located off Main Street in the bustling Frisco market near Toyota Stadium.

Waterford at Frisco will feature 381 luxury apartments in two four-story wrap buildings, a private access parking garage and more than 9,000 square feet of retail and restaurant space. Services and benefits to residents include two complete amenity packages including leasing offices, community lounges, complete fitness centers with private workout studios, Uber lounge, game and activity rooms, 2 courtyard pools and grilling and outdoor TV pavilions.

Rick Cavenaugh, President of Stoneleigh Companies, saw this property as an opportunity to bring a premiere luxury apartment community to the rapidly growing downtown Frisco neighborhood. “Frisco, Texas is one of the fastest growing and most sought after suburbs of the north Dallas area. The lifestyle benefits with the Toyota Stadium, Frisco Square, the Texas Star and proximity to Legacy West and its burgeoning employment growth intrigued us as excellent fundamentals for the addition of Waterford at Frisco to the residential choices to new and existing residents. The community will offer the best units, finishes and amenities for the discerning Frisco resident.”

The project team for Waterford at Frisco includes EDI Architecture as the project architect; Stoneleigh Construction Company as the general contractor; Waterford Residential as the property manager; and Aurora National Life Company is the construction lender.

About Stoneleigh Companies
Stoneleigh Companies is a multi-family investor and developer focused on long term investment in excellent quality residential properties in markets that exhibit strong fundamentals for rental housing. Stoneleigh operates 4,000 units and is under construction on three new multi-family communities in Frisco, Houston, and Uptown Dallas. Waterford at Frisco is a key addition to the Waterford Residential brand of urban developments being built by Stoneleigh to complement its One brand of high rise apartments. For more information, visit www.waterfordresidential.com.

Download the Stoneleigh Release Construction Begins On Waterford At Frisco Newest Premiere Apartments Near Frisco Square PDF

Waterford Trails – Stoneleigh Companies, LLC.

STONELEIGH COMPANIES ANNOUNCES THE OPENING OF WATERFORD TRAILS APARTMENTS IN SPRING, TEXAS

(October 10, 2016) – Stoneleigh Companies is pleased to announce the opening of its newest luxury apartment community in Spring, Texas, Waterford Trails Apartments with its first residents moving in this month. The 340-unit apartment community is located on Emerald Mist Parkway near the intersection of FM 2920 and the Grand Parkway in northwest Houston.

“We are excited to announce the opening of Waterford Trails,” said Rick Cavenaugh, president and CEO of Stoneleigh Companies. “We designed the community to be a relaxing retreat for our residents with classic craftsman architecture including stone masonry on the exterior and interior designs that have an artisan appeal. Waterford Trails will be the premiere Class AA apartment community and offers our residents the best amenities and the best floor plans for this rapidly growing area. The gated community offers a grand entrance with extensive landscaping.”

The community offers one, two and three-bedroom apartment homes ranging in size from 590 to 1409 square feet of living space. Residents will enjoy granite/quartz countertops, stainless steel appliances, LED lighting, large kitchens with craftsman wood cabinets with brushed nickel hardware and wood-style plank flooring throughout the unit. Floor plans incorporate features such as 9-foot ceilings, spacious walk-in closets with Elfa designer closet systems, garden tubs and walk-in showers, full size washers and dryers, private balconies and direct access garages in many units.

Waterford Trails is part of the Waterford Residential portfolio and includes a vibrant clubhouse with the latest Precor fitness equipment, wine cave, a cyber café with coffee bar and a resident lounge. Residents will also enjoy the mega resort-style pool with a tanning shelf, waterfall, large sundeck with expansive seating and private cabanas, fire pit for after work gatherings, complimentary Wi-Fi, built-in grilling pavilion and an outdoor TV lounge.

“Since we’ve owned and built premiere apartments in Spring, Texas, we realize the benefits to our residents to live in the highly sought after Klein Independent School District,” said Cavenaugh. “Waterford Trails is a wonderful addition to our portfolio and will prove to be the best new residential community in the northwest Houston market.”
For more information on Waterford Trails Apartments, visit www.waterfordtrailsapts.com.

About Stoneleigh Companies
Stoneleigh Companies is a multi-family owner and developer focused on long term investment in excellent quality residential properties in markets that exhibit strong fundamentals for premium rental housing. Stoneleigh operates over 4,000 units and is under construction on three new communities in Dallas Uptown, Houston and Frisco.
For more information, visit www.waterfordresidential.com.

About Waterford Residential
Waterford Residential is the property management affiliate of Stoneleigh Companies, and currently manages 16 multi-family communities in Texas, Florida, Tennessee and Illinois including two premiere communities in Spring, Texas.

Download the Stoneleigh Release Stoneleigh Companies Announces The Opening Of Waterford Trails Apartments In Spring, Texas PDF

One Uptown

Luxury High-Rise Apartment Tower in Uptown Dallas Announces Grand Opening for Those That Want It All
One Uptown Provides First-Class Living to Complement the Lux Lifestyles of Uptown Residents

Dallas, TX (October 4, 2016) – The highly anticipated luxury high-rise apartment tower, One Uptown, is excited to announce their grand opening in January 2017. Located on McKinney Avenue in the heart of Uptown Dallas, the distinguishing curved glass architecture of the building was artfully crafted to embody the vivacious spirit of the neighborhood. Residents will enjoy an all-in-one, first-class living experience in a premier location that includes luxury amenities, modern floor plans and easy access to all the best parks, restaurants, nightlife and shopping Uptown has to offer.

CEO Rick Cavenaugh of Stoneleigh Companies, a national multi-family investor and development company, is thrilled to see the apartment tower come to life.

“We are proud to provide a lavish living experience in the community of Uptown Dallas. One Uptown offers residents comfortability, convenience and luxurious homes in one of Dallas’ most sought-after neighborhoods,” Cavenaugh said.

With more than 196 luxury residences, One Uptown’s 20-story building features modern and elegant amenities in every residence, including private balconies, floor-to-ceiling glass windows, state-of-the-art climate control systems, large walk-in closets with ELFA closet shelving systems, oversized full-depth alcove bathtubs, walk-in showers and a washer and dryer in every residence. Each unit also provides luxury finishes, including Mohawk flooring, Kohler fixtures, GE Profile stainless steel kitchen appliances, Allied Stone Quartz countertops, Porcelanosa wall tile and quality cabinets that exude a sleek, clean and modern design.

One Uptown’s tower amenities are specifically designed to meet the needs and desires of Uptown residents. The building houses the only rooftop pool in Uptown, a 9,000-square-foot Sky Deck and Lounge with incredible, unobstructed views of the Dallas skyline. Other tower amenities include a relaxation zone with fire pit, demonstration kitchen, cabanas, entertainment room and two hospitality suites available for out-of-town guests. The building also offers a private fitness studio overlooking McKinney Avenue, Cafe One lounge and more than 18,000 square feet of restaurant space housing Circo and Fogo de Chão.

Circo is a five-star European restaurant premiering its first U.S. location at One Uptown. The space will transport guests to a lively European carnival accompanied by exquisite Tuscan-inspired dishes and a glass-bottom pool, the only one of its kind in Dallas. Fogo de Chão Churrascaria began more than 36 years ago in Southern Brazil, and opened its first US restaurant in the Dallas area in 1997. The internationally-renowned steakhouse is set to open in Uptown with features such as an open kitchen to showcase their churrasqueira grill, outdoor patio dining, and Bar Fogo serving small plates and Brazilian craft cocktails.

One Uptown also has the highest walkability score in the city, making it the perfect location for anyone seeking an active urban lifestyle. Deemed “a walker’s paradise,” One Uptown is conveniently located next to Klyde Warren Park, the Katy Trail, Whole Foods, the newly expanded McKinney Trolley, and the highest concentration of fine dining and nightlife hot spots in Dallas.

The building’s iconic all glass curve design — perfect for capturing Uptown from every angle — was created by famous Dallas architect, Phil Shepard. Stoneleigh Companies joined forces with Dallas based USA Infrastructure Investments LP to create the unique living experience that is One Uptown.

For more information, please visit : http://oneuptown.com/

About Stoneleigh Companies

Stoneleigh Companies is a national multi-family investor and developer and has new multi-family communities under way in Carrollton, Dallas, Frisco, Fort Worth, Houston and Chicago. One Uptown will be the flagship of the One brand of urban, transportation-based developments being built by Stoneleigh to complement its Waterford Residential brand of garden apartments. For more information, visit www.oneuptown.com and www.waterfordresidential.com.

About USA Infrastructure Investments

USA Infrastructure Investments is a family owned real estate investment and development company led by Dallas based developer Paul Cheng and Preston Cheng. USAI has additional current projects in Allen, Texas, Fort Bend County outside of Houston, Texas, Frisco, Texas and Maui, Hawaii. For more information, visit www.usaiinvestments.com.

Download the Release Luxury High-Rise Apartment Tower in Uptown Dallas Announces Grand Opening for Those That Want It All PDF

Dallas – Dallas Business Journal

Luxury apartments aren’t the hardest hit by rental hikes in DFW

Dallas Business Journal | Candace Carlisle | October 3, 2016

North Texas’ booming economy has helped put 50,532 new apartments in the construction pipeline — the most anywhere in the country— as demand remains strong for housing options in the region.

And as long as the economy remains robust, those new, primarily luxury new apartments will likely be absorbed, but it’s not necessarily the luxury apartment communities seeing the big rental hikes.

“We are not adding more of the middle-market product and it’s filling up because the rent differential is so high compared with brand new development,” Greg Willett, RealPage chief economist, told the Dallas Business Journal.

“Many of these people can’t afford to move up,” he added. “The middle market is seeing a year-over-year growth of 8 percent compared with 5 percent or 6 percent we are seeing with existing Class A properties.”

Willett defines middle-market apartments as Class B and Class C apartment communities, which are typically aging apartments with limited or nonexistent luxury finishes.

The rent difference between these types of apartments in Dallas-Fort Worth can be staggering. For Class A apartments, property owners are charging an average of $1,406 per month, according to MPF Research data. MPF Research is a division of Richardson-based RealPage.

For Class B and Class C communities, landlords are charging $1,023 and $793, respectively. The average monthly rent in North Texas is $1,053.

“For an individual household, that’s a big jump to move from the middle-market apartments to luxury apartments,” Willett said, which is why landlords are able to raise rates on average 8 percent year-over-year for this type of real estate.

“Big rent premiums for brand new properties leave lots of room to push rents in the existing inventory,” he said.

That’s above the annual rental growth of 7.1 percent for North Texas apartments. The effective rents for new leases increased 3.3 percent in the third quarter, according to MPF Research.

But with a strong demand for apartments, Willett says he expects rental rates to continue to climb as the regional occupancy rate reached 96.1 percent, which is the first time North Texas has exceeded the 96 percent market ever.

“Our analysis points to pricing increases near 4 percent, with the biggest hikes seen in the middle-market properties, rather than the most luxurious developments,” he said.

Frisco – The Dallas Morning News

Frisco is second-fastest growing apartment market in U.S., but it isn’t cheap

The Dallas Morning News | Steve Brown | August 30, 2016

Not just the Dallas Cowboys are moving to Frisco.

Thousands of apartment renters are making their way to the Dallas suburb, too.

Frisco was ranked as the second busiest apartment market in the country, according to a new report by industry analyst MPF Research.

In the last four years, Frisco’s apartment base has almost doubled, the Richardson-based research firm found.

“Frisco/Prosper has received 4,298 new apartments since 2012 and has an additional 4,009 units under construction, all of which should be available by third quarter 2017,” MPF analysts say. “Driving apartment demand in Frisco/Prosper is the area’s recent emergence as an employment hub. In fact, Frisco boasts the $5 Billion Mile, with four mixed-use developments funded by over $5 billion in capital investments within one mile, located at the intersection of Dallas North Tollway and Highway 121.”

Renting in Frisco isn’t cheap. The average monthly apartment rent in Frisco is $1,115, MPF reports. That’s about $100 a month more than the Dallas-Fort Worth average.

But creation of thousands of high-paying jobs in Frisco and West Plano is bringing people to the area.

“Tons of companies are flocking to the Frisco/Prosper submarket (or very close to it), and naturally, employees are following,” MPF analysts say in the new report. “Despite high levels of multifamily development, the submarket has continued to report strong occupancy figures and steady rent growth.

“Demand drivers do not appear to be slowing down, suggesting that economic conditions should continue to support elevated supply figures.”

While Frisco was at the top of MPF’s booming apartment market list — second in the nation only to Charlotte’s Uptown district — several other North Texas rental markets also ranked high.

Dallas’ center city “Intown” market was 14th on the MPF busiest markets list, with 6,971 units under construction.

And the North Fort Worth area ranked 16th nationally with 1,010 units in the building pipeline.

The Rockwall, Rowlett and Wylie market was 18th with 1,328 more units on the way.

And Dallas’ Oak Lawn and Park Cities markets was 20th nationally, with 3,061 apartments under construction.

The busiest markets ranking was based on current and completed apartments since 2012.

North Texas is second in the country in overall apartment construction, and more than 50,000 units are on the way.

Frisco – Community Impact

Labor market drives urban living in Frisco

Community Impact | Lindsey Juarez | August 10, 2016

When it comes to new apartment development in the Dallas-Fort Worth area, Frisco is one of the hot spots, according to information from Axiometrics, a Dallas-based research company with a focus on apartment real estate.

As of July 18, the Uptown Dallas market had the most apartment development in the area, with 3,073 new units to open this year, followed by the Collin County and Richardson markets.

Frisco has 1,727 new units that are either up for lease or will be up for lease later this year as well as an additional 1,580 units under construction, bringing the total to 3,307 new units that will be open within the next few years.

AMLI Frisco Crossing near the Dallas North Tollway and Gaylord Parkway is contributing 325 units to that total. The complex’s community manager Ashley Dodds said she is not worried about filling up those units. Frisco’s apartment occupancy rate is 95.7 percent.
FRS-2016-08-01-01-1

“We definitely think there’s enough demand, especially with all of the development in the area,” Dodds said. “We recently just completed a project in West Plano that’s about three miles down the road. That was the fastest lease up in AMLI history. We stabilized in about seven and a half months.”

This multifamily development growth is being spurred by job growth in the area, said John Lettelleir, Frisco director of development services. Many new apartments in Frisco are concentrated in or near the $5 Billion Mile and other mixed-use developments where new jobs will be located, he said.

“When I’m talking about jobs, I’m thinking of these mixed-use urban centers, such as Frisco Station, Wade Park,” Lettelleir said. “This is where you have the office component, but you also have the residential component.”

The apartment trend

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Most apartments coming into Frisco are urban-living units, which are on average denser than traditional garden-style apartments and are typically placed on a street grid with the building adjacent to the sidewalk. Urban-living apartments also have parking garages, whereas garden-style apartments have surface parking. These types of apartments can typically be found in mixed-use developments, such as Frisco Square.

The demographics driving the urban-living development are young, single professionals and senior citizens. The similarity between both groups is that neither have children, said Tim Nelson, Realtor and Frisco City Council member.

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“Those with kids are usually looking for something else with a little bit more space, a little bit more flexibility, parks, backyards, play sets, pools,” Nelson said. “…We have quite a diverse inventory of that type of space. But if you think about it, for someone who’s single in this town, there aren’t really a lot of options.”

Single professionals are moving to Frisco for the jobs available, whereas senior citizens are downgrading from a single-family home to an apartment often to be closer to family, Nelson said.

Apartment developer JPI, which is building the 424-unit Jefferson Stonebriar project at Warren Parkway and Ohio Drive, decided to build in Frisco because of the job growth in the area.

“The $5 Billion Mile and Legacy Business Park developments have solidified Frisco as one of the highest job density areas in Dallas-Fort Worth, especially with the corporate relocations of Toyota, FedEx and Liberty Mutual, among others, which alone are forecast to bring over 9,000 new jobs to the area,” said Matt Brendel, JPI’s senior vice president and development partner.

Many new mixed-use developments and office parks, such as the developments within the $5 Billion Mile, are including multifamily living in their plans, Lettelleir said. Existing office developments, such as Hall Park, are also looking to add multifamily living.

“The office parks of yesteryear were where people would come in the morning, they would leave in the evening and then it’s dead,” he said. “The labor market is desiring to be in these types of urban, mixed-use areas. Not everybody, but most of them are, and companies are taking note of that.”

The average rent in urban-living apartments is typically one of the most expensive because it costs more to produce one of these complexes, Lettelleir said. The current average rent for established apartments in Frisco is $1,249 per month, according to Axiometrics. For the new apartments up for lease this year, the average rent will be $1,446 per month.

Urban-living effects

Frisco City Council member Will Sowell said he has had concerns in the past with the density that apartments can create in the city, adding that he sees single-family home development as more of a priority.

However, he said urban-living apartments do make sense within certain developments, such as along the $5 Billion Mile.

“We certainly need to provide opportunities for great and unique living spaces in Frisco for people who are searching for jobs in Frisco, who may be younger and not quite ready to buy a house,” Sowell said. “I think we all recognize that. But I do think that we need to make sure that we moderate that versus single-family.”

Urban-living apartments have one of the highest assessed values when it comes to property taxes, Lettelleir said. Assessed values of urban-living complexes are on average about $5.4 million per acre while garden-style apartments are assessed at about $1.5 million per acre.

The property values generate extra money for the city, Lettelleir said.

Urban-living apartments could also have a positive effect on the business community, said Tony Felker, Frisco Chamber of Commerce president. Multistory urban-living complexes can be built to have the first floor dedicated to commercial space, which can draw restaurants, retailers and office space.

These apartments can also house the workforce for companies moving to the area or already established in the area, providing employees easy access to work, Felker said.

“I hear a lot of people saying having an apartment where they can live, work and play is a good thing,” he said. “As we’re looking at the workforce coming into town and looking for places for them to live, urban living is going to be a good option for them.”

Urban-living apartments can pose both a problem and solution for transportation. The higher density of the complexes could lead to more road congestion as more people move in.

Lettelleir said to manage congestion, the city needs to look into traffic management solutions. One thing that helps is to make sure these developments are concentrated along major highways, such as the Dallas North Tollway, so minor thoroughfares are not overwhelmed with traffic, he said.

“It’s not a simple fix,” Lettelleir said. “What it comes down to is when everybody wants to use the road at the same time, you’re going to have a traffic problem.”

On the other hand, urban-living developments could ease congestion by allowing residents the option to not use a car as often, Nelson said. Having a multifamily complex where residents can walk to work or retail and dining options may reduce the need for a car or lead people to share vehicles, he said.

“I fundamentally believe that in my lifetime here, there will be people who won’t own cars,” Nelson said. “They’ll share cars. We already have cars that can drive themselves basically. You have Uber. People are going to be able to just get cars on demand.”

Though the residential aspect of Frisco has been known for its single-family housing, not everyone wants to live in a house, which is why the city is focusing on providing more diverse housing options, Nelson said.

“[Frisco] is not going to stay a town of 150,000. It’s not going to stay a town of 200,000. It sure as heck isn’t going to stay that town of 25,000 when I first moved here,” he said. “You have to understand that that’s a natural progression of the city. And we are a city; we’re not a town. I think we’re doing our best to do it right.”

One Uptown – D Magazine

Osteria del Circo Coming to Dallas

D Magazine | Eve Hill-Agnus | August 9, 2016

I ventured in a recent post that Circo, part of the Maccioni restaurant empire, might open a location in Dallas. It’s been confirmed: Circo Dallas is slated to open in February 2017 in the towering building now under construction at 2619 McKinney.

Circo New York originated as the whimsical, more casual little sister to Le Cirque, whose first iconic location, opened over 40 years ago by restaurateur Sirio Maccioni, was famous for being frequented by the likes of Jackie Kennedy and Princess Grace, for doing elegance with a kind of saltimbanco panache, for being the first US restaurant to put crème brulee and pasta primavera on its menu. (For an example of how this plays out, crystal and linen under a lush harlequin-bold fabric canopy, check out the interior of the Le Cirque at the Bellaggio in Las Vegas.) Le Cirque now has locations in New Delhi, Mumbai, and Bangalore. Circo, meanwhile, opened first in New York, where its spirit is captured by a flying trapeze. It’s made its way to Abu Dhabi and the Dominican Republic, each time the interior décor retaining central motifs but reflecting the location. Now Dallas.

Dallas is an interesting fit, I thought, when I first heard that the Maccionis had their eye on us. We like to be entertained. We like fine dining. We often treat fine dining, in fact, as entertainment. I had no idea what was coming.

The restaurant will be housed in the first and second story of the towering building still under construction on McKinney. Le Cirque was looking to expand their brand, says Lauren Santagati, Director of Operations for TenTen Group. This space in the heart of Uptown? A match made in heaven.

The restaurant itself will have familiar Circo accouterments: the Maccioni family cookbook, their bottled estate-grown olive oil, the maître d’ who welcomes you at the door. It’s the rest that’s staggering.

“It’s giant,” Santagati says. Giant and over-the-top. A glass staircase leading to the second floor’s glass-bottomed pool, itself surrounded by locker rooms and several bars and seven private cabanas, where you can have your nails done and drink a mojito and lounge. (At night, a clear glass floor will cover the pool, the venue available to be rented out for DJ’ed private events). An elevator in the vast kitchen will respond to the room service needs of 18 stories of residents. “We’re staying true to the original,” Santagati told me. “We’re just adding attractions, resort-style.”

One touching detail: the Maccionis have received correspondence from near and far over the years. For Circo Dallas they plan to donate letters from Jackie Kennedy, which will hang, framed, a nod to the Kennedy history here.

They’re just finishing up the major construction. They should have keys in hand this month. Then Miami-based designer Francois Frossard can do his work. I still don’t know what to think. Are you ready, Dallas?

The City of Carrollton – Carrollton’s Presence on the Fortune 500

Carrollton’s Presence on the Fortune 500

The City of Carrollton | August 2016

The City of Carrollton is often known for its Historic Downtown, miles of trails, family friendly environment, and its accessible location. But, what many don’t know is that the City has another side, one which includes a thriving corporate community, consisting of divisions and branches of some of the world’s most well-known corporations. Carrollton’s diverse business community is well represented on the 2016 Fortune 500 List released this summer, with 22 Carrollton companies being represented by 18 of the Fortune’s 500. These companies have chosen Carrollton from which to operate; a choice that is benefitted by our location, transportation system, favorable tax structure, access to qualified workforce, and competitive real estate market.

Further contributing to our tax base and overall economy, these companies conduct business between one another and with other Carrollton companies. Of the City’s reported annual $1.3 billion in taxable sales for 2015, it is estimated that over 80% is generated by the services/wholesale sector vs. the traditional retail/restaurant/ entertainment sector. So, it is on many levels that these companies have a noticeable impact on our community. While many Fortune 500 retailers are represented in Carrollton (Wal-Mart, CVS, Kroger, Bank of America), the list below provides a “behind the scenes” look at the side of these global corporations that develops, distributes, stores, markets and manufacturers their respective products within their corporate structures.

The following Carrollton companies made the list:
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To highlight a few of Carrollton’s Fortune 500 connections, PPG Paints produces and distributes latex paints for the home improvement and retail paint industries from its Carrollton location. The Carrollton PPG Plant began operating in 1960 and manufactures worldwide recognized brands such as Glidden. PPG Carrollton is a subsidiary of PPG Paints Corporate, which operates in over 70 countries with 2015 net sales of $15.3 billion.

Additionally, Sanmina is a global electronics manufacturing services provider and one of the world’s largest independent manufacturers of printed circuit boards and backplanes. Sanmina Carrollton is considered one of Sanmina’s Optical Centers of Excellence, providing design, testing and assembly of state of the art optical modules and subsystems. Sanmina has held it’s ranking on the Fortune 500 list for 15 years.

A subsidiary of the Blackstone Group, G6 Hospitality LLC is headquartered here in Carrollton. G6 owns, operates, and franchises over 1,300 economy lodging locations under the household brands of Motel 6 and Studio 6 Extended Stay. Just last year, G6 was rated one of the top 10 hospitality companies according to Hotel Management’s Top Hospitality Company rankings.

The City congratulates all these companies for their success and is pleased to provide an environment in which they may continue to thrive.
You may visit http://beta.fortune.com/fortune500 to view the full list of Fortune 500 companies.

For questions or comments regarding this article, please contact Andrea Roy, Economic Development Manager, Andrea.roy@cityofcarrollton.com.

One Uptown – D Magazine

How Deep is Dallas’ Luxury Rental Pool?

D Magazine | S. Holland Murphy | June 30, 2016

Much has been made about the thousands of out-of-towners swarming North Texas, particularly the California transplants snatching up homes north of Dallas with hefty cash offers. But there’s a group of high-rise apartment developers who would love to feel more of the housing market’s heat blow their way as competition stacks up.

The number of high-rise apartments, defined as a building seven stories or higher, is likely reaching a peak this coming year. According to Axiometrics, a Dallas-based firm that analyzes the apartment market, the Dallas metro area saw six high-rise apartments built in 2015, a dozen more will be finished in 2016, and a whopping 30 high-rise apartments are expected to complete construction next year.

“There are plenty of people moving to the area, but the question is, are there enough jobs being created with salaries that can afford these high-price-point apartments?” says Stephanie McCleskey, Axiometrics’ vice president of research.

Nearly all of the city’s high-rise apartments built in the past two years are priced at more than $2 per square foot, with Uptown apartments the Brady (18 stories, 299 units) and The Jordan (23 stories, 212 units) coming in closer to $3 per square foot. The Jordan’s most budget-friendly option is a 735-square-foot one-bedroom at $1,925 per month, and the priciest penthouse is 2,262 square feet at $13,335 per month.

There’s a good reason why these centrally located rents are so steep. “The sites that are available [to be developed] tend to be pretty small, maybe an acre, so that constraint dictates going up,” says apartment industry analyst Ron Witten. Going up to high-rise level, explains Witten, means builders have to erect a steel-frame structure as opposed to a more affordable wood frame. The cost of high-rise materials and a shortage of skilled labor have driven up construction costs. Thus, high-dollar rents and a lingering question without an answer—yet.

“Nobody really knows how deep the market is for that luxury high-rise product,” Witten says. “The only way we’ll find out—and we will find out—is whether all these units lease or not without having to give away a lot of concessions or cut the rents.”

A year from now, Witten says, Dallas should have some firm answers. In the meantime, developers are asking themselves the same questions.

“Can people afford the rents for these high-rises? Of course I ask myself that!” says Doug Chesnut, CEO of StreetLights Residential, a company responsible for a number of recent high-rises, including the aforementioned Jordan, plus three apartment towers currently under construction. “I don’t think it’s an unlimited universe, but I also think it’s a different universe than what we were looking at 10 years ago.”

When Chesnut was building in Uptown a decade ago, most residents were under the age of 30. Since opening The Jordan in March, he says, 54 percent of the building’s leases are going to residents aged 40 and older. He likes this demographic. They’ve owned houses before. They have nest eggs. They don’t bail if they lose their jobs.

As of the end of May, more than half of The Jordan’s 212 units are leased, right on track with new developments in the area, according to Axiometrics’ research. But soon the $65 million Jordan will face more competition. Less than half a mile away, One Uptown will offer $75 million worth of luxury living when it opens at the end of the year. This includes two pools, one atop the 20-story tower for residents only and the other on the building’s second floor, Dallas’ first structural glass-bottom pool.

“We stepped up our building for finishes and amenities, and with the two world-class restaurants going in, it’s going to be unlike anything else,” says Rick Cavenaugh, president of One Uptown’s development firm, Stoneleigh Companies. “So we feel pretty good at the top of the food pyramid.”

But like looking into that glass-bottom pool, it’s hard to tell how deep the luxury rental market will go—until you jump.

One Uptown – Construction News

Uptown whirl

Construction News | June 27, 2016

DALLAS/FORT WORTH – Drizzle didn’t dampen the dazzle of Dallas’ One Uptown topping out on June 2. The 20-story mixed-use luxury high-rise apartment tower was celebrated with an evening outdoor party held along Routh Street, where guests could get a sneak peek at the property.

Designed by Dallas architect Phil Shepard and architect of record Humphreys & Partners and built by Hunt Construction Group, One Uptown is slated for opening in the fall. The property will feature 198 apartments, 18,800sf of restaurant space, and a 480-car parking garage.

Rick Cavenaugh, CEO of One Uptown developer Stoneleigh Companies welcomed guests to the event, which showcased the the high rise’s marketing center’s unveiling, live music and specialties provided by the property’s two new restaurants, Fogo De Chao Brazilian Steakhouse and Style & Grace. –mjm