Dallas’ $56M Cantabria at Turtle Creek units delivering

DALLAS – Cantabria at Turtle Creek, a luxury 249-unit apartment development, has begun delivering units with approximately 20 percent of the units leased.

Construction is expected to be completed in first quarter 2015. Associated Estates Realty Corporation (AERC), who is developing the community at 2728 Hood St, projects total cost of capital to be $56.8 million, as of Oct. 28.

Cantabria at Turtle Creek will offer one- and two-bedroom units ranging from 661 sf to 1,616 sf.

Average rent per unit for Cantabria at Turtle Creek is $2,286, according to AERC’s 3Q 2014 Earnings Release and Supplemental Financial Information. The average rent is based on projected stabilized rents, which can be updated to reflect market rents and rents achieved.

Stabilization is expected in 2Q 2015, with AERC defines as the earlier of the attainment of 93 percent of physical occupancy or one year after the completion of construction.

For more about the project, check out Cantabria at Turtle Creek.