Buyers, Redevelopers Stir Up Residential Market

By Georgiana Mihaila, Associate Editor

While commercial real estate news usually predominates in the Dallas area, during the past week the residential market has seen a fair amount of changes. The McCallum Crossing apartment complex in North Dallas sold to California-based MMeadows Crossing L.L.C. for an undisclosed amount. The 322-unit complex, set at 7720 McCallum Blvd., was built back in 1985 and bears the name of its developer/seller, Texas McCallum Crossing Partners Ltd.

Lewisville does not fall behind, with its notable purchase of the Hidden Creek Apartments for $26 million, or approximately $71,823 per unit. The buyer was a joint venture formed by New York City-based Praedium Group and Price Realty Group. The 14 three-story buildings that form the Hidden Creek apartments are located on the southeastern corner of College Parkway and North Old Orchard Lane and include 339,220 square feet of one-, two- and three-bedroom units, averaging 939 square feet. The apartment community, built in 2000, is now nearly 100 percent leased and features an amenity package that includes an outdoor spa, a resort-style pool, a sports court, a sand volleyball court, a fitness center and a business center.

Meanwhile, Lincoln Property Co. is set with a sequel in its streak of replacing aging rental units in the Village complex with plans to knock down a portion of the 43-year-old complex for redevelopment.

Home to nearly 10,000 people, the Village has been around for more than four decades and totals more than 7,000 apartments. Of those, 400 in the two-story Bluffs project will soon be torn down and replaced by a 350-unit luxury rental community, constructed in a Spanish style, with larger apartments, amenities and open areas. Lincoln Property is awaiting final approval for the redevelopment. No details as to the cost of the project have been released, but construction is set for the end of the year.