Landmark Cos., a Florida-based real estate development and management firm, has received $45 million in construction financing for the development of Arden at Corinth, a 296-unit, $63.3 million luxury multifamily community in Corinth, Texas.
An unidentified New York City-based debt fund provided the three-year loan. No additional details could immediately be learned.
Located at 3451 FM 2181, Arden at Corinth will comprise two three-story buildings with 268 units and four two-story townhouse buildings with 28 units. The first phase is slated for delivery by the first quarter of 2024. The apartments will feature spacious floorplans and nine-foot ceilings, as well as expansive windows, island kitchens, wood-style floors and private balconies or patios. Community amenities will include a clubhouse, pool, outdoor barbecues and a dog park.
Corinth, a city within the Dallas-Fort Worth metroplex, is located in Denton County in the north-central part of Texas. The region has been one of the top growth areas in the state, while Dallas-Fort Worth is the fastest-growing metro in the United States. Multifamily fundamentals remain strong in the DFW area, according to a recent Yardi Matrix report for the Dallas region. As of January, developers had 50,482 units under construction, mainly in the upscale “Lifestyle” segment, the report stated. While occupancy has recently declined slightly in stabilized properties, average asking rents are holding up well and are on par with the national rate, according to the report.
Landmark growth
Landmark, which develops properties in Texas, Florida and Colorado, strategically invests in areas demonstrating strong fundamentals with a healthy employment base. Led by CEO Julia Baytler, the company has developed more than 6,300 multifamily units and more than 1 million square feet of industrial development. In a prepared statement, Baytler noted that the multifamily market in Texas has been hot and shows no signs of cooling down. The firm, which is actively looking for quality projects and development opportunities, recently sold The Link at Twin Creek, a 366-unit multifamily property to Castle Lanterra. Landmark acquired the site in 2017, began construction in 2018 and completed development in 2020.
