$42.3 MM Multi-Family Development – Dallas, TX
In November 2012, Encore began development on a class-A urban infill development minutes away from Uptown, one of most vibrant neighborhood in Dallas for millennials. The project was a 288-unit, four-story wrap design with 215,000 total square feet. Encore possessed a land acquisition advantage due to strong relationships with local land brokers, which provided the company with a “first look” before other developers. Construction costs were locked-in prior to significant escalation in market pricing; the property was built at $102/SF vs. 2016 construction pricing for a similar product at ~$145/SF. The marketing and leasing strategy was driven by the development of a sleek, new, modern building that would attract millennials, and within two and a half years, the project sold for over a 2x equity multiple.
