Neighborhood: Centrally located just northwest of Downtown Dallas and directly adjacent to the booming Victory Park neighborhood, the trendy Dallas Design District extends from the iconic Margaret Hunt Hill Bridge in the South to Wycliff Avenue in the North and is currently the scene for some of the most exciting property developments in the Greater Dallas-Fort Worth MSA. Culturally, the Design District earned its name by featuring a host of art-oriented retail and recreation spaces, including showrooms, galleries, and museums. As of late, however, the District’s central location and excellent connectivity within the greater MSA has led to a wave of development interest, leading to transformational projects and a redefinition of the District itself.
New Developments: From an urban planning perspective, the Design District has lent itself well to the ambitions of the local developers. Outstanding connectivity, pedestrian-friendly, imperfectly priced yet adjacent to booming Uptown, which is commanding some of the highest real estate prices in Texas, this area was involved in a waiting game that is rapidly coming to fruition. Over the past decade, we have seen the influx of 1,584 Class A rental units across six high-profile projects, including Trinity Lofts, Alta Design District, Camden Design District, Bell Design District, AMLI Design District, and Avant. Furthermore, the market anticipates another 1,233 luxury units across five more exciting multifamily developments. These residential developments are accompanied by fine dining establishments, charming boutiques, and recreational spaces such as bowling alleys, yoga studios, and sport and gym provisions.
Mavericks Backyard: An exciting recent development bolstered the neighborhood when Dallas Mavericks’ owner Mark Cuban purchased a 13 acre plot on Stemmons Freeway between Oak Lawn and Continental Avenues to relocate the Maverick’s new training grounds to the Design District and eventually erect a brand-new mixed-use development. His options were wide and varied; and his investment into the area lays testament to the neighborhood’s bright future.
Rental Market Survey: The properties featured in this month’s rent survey are communities built between 2007 and 2013. Occupancy rates for the communities range from 91.1% to 98.0%. Average rental rates per square foot range from $1.35 to $2.33, with average unit sizes ranging from 1,013 to 1,308 square feet. Common area amenities include swimming pools, fitness centers, business centers, spas, clubhouses, and even media rooms with the latest cutting edge technology. All featured properties are pet friendly. Unit amenities include high vaulted ceilings, in-unit full sized washers and dryers, hardwood flooring, double pane glass, high quality appliance packages, and microwave ovens. Application fees range from $40–$75 and security deposits range from $200–$750 or two months’ rent, based on applicant rental history and credit scores.
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