Dallas multifamily developers buy up old to build new

DALLAS – Four Dallas rental projects built in the 1960s and 1970s have just been sold to investors and developers looking to demolish the older supply and build new.

Apartment builder JLB Partners recently bought the ten-acre Harvey’s Racquet Club Apartments off Lemmon Ave. in Oak Lawn. Built in 1975, the old rental community will be demolished to make way for new apartments. The new apartments that will go up along Hudnall St. between Lemmon and Maple Avenues.

The Cross Creek apartments, built in 1977, were also recently sold. The nine-acre apartment community is next to the new Timber Creek Crossing shopping center on Northwest Hwy. in northeast Dallas. The new owner also has the adjacent Hyde Park Apartments. The new purchase will give them a 20-acre site.

Knightvest Capital has bought two North Dallas apartment projects near Meadow Rd. and US 75. The Seville and Riverfalls Park apartments have 624 units and were sold by an investment unit of Bank of America.