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Suburban Dallas Apartment Market - What's new in the Market
Employment Changes
Employment Addition: 1000
EmployerAddition (Jobs)Reporting Date
Vought Aircraft50002/2014
Conifer50003/2014

Employment Reduction: 311
EmployerReduction (Jobs)Reporting Date
Quality Terminal Services19402/2014
Extreme Reach11702/2014

 

Labor Force Data
Employment Labor Force (Thousands - 000)
Industry2012
Dec
2013
Jan
2013
Feb
2013
Mar
2013
Apr
2013
May
2013
Jun
2013
Jul
2013
Aug
2013
Sep
2013
Oct
2013
Nov
2013
Dec
Year Change
Total Nonfarm2,159.92,156.02,152.02,148.02,162.02,174.32,186.62,192.22,198.22,200.02,205.82,210.32,214.32.5 %

 

Source: U.S. Bureau of Labor Statistics:
Metro Division(s): Dallas-Plano-Irving

 


Population - Most Recent Reporting Year
Change
YearPopulation (000)Number(000)Percentage
20103,4481334.0%

Population - Prior Years
Change
YearPopulation (000)Number(000)Percentage
20063,31536112.2%
20002,954--
Source: U.S. Census. Figures for combined counties: Dallas, Denton, Ellis, Hunt, Kaufman and Rockwall
Highspeed Rail Line
February, 14, 2014
A high speed rail line connecting Houston and Dallas could be under construction in 2016. Former Harris County Judge Robert Eckels said TCR is considering three routes – one along Hwy 59 and one along I-45. The three routes would head out of Houston near 290, 59 or 45. A final decision on which route is most feasible for a high-speed rail line could come soon. “We’ll have a line on a map in 90 days” Eckels said.

Cypress Waters
February, 28, 2014
(Dallas Business Journal) Billingsley Co. has jump-started the $3.5 billion master-planned, mixed-use development at the northeast corner of Belt Line Road and Interstate 635 called Cypress Waters, which recently landed the headquarters for Irving-based Cheddar’s Casual Cafe. Real estate sources say they expect Cypress Waters to land some big corporate tenants in the market. The developer has three office buildings underway to attract some of those tenants, as well as a corporate campus park. Plans for the massive project include a corporate campus of 4.5 million square feet of office space, 10,000 apartments and townhomes, 400,000 square feet of retail space and three one-acre parks. The project’s proximity to Dallas/Fort Worth International Airport, as well as the rest of North Texas, is one of the reasons why corporate America is taking notice of Cypress Waters, said Marijke Lantz, a senior vice president at Billingsley Co.

Rental Market
Rental Rates - Winter, 2014
Unit TypeLowHighAvg
One Bedroom$390$2,086$730
Two Bedroom/Two Bath$499$3,993$995
Sale Activity
Completed Sales - Sixty Days
# Properties# Units
1295
Completed Sales - Year-To-Year
Period Change
2012/2013 2013/2014 Number Percent
Completed Sales* 52 51 -1 -2%

* Sales reported are among properties 50 units and larger.
2012/2013 = (21 Apr 2012 - 20 Apr 2013)
2013/2014 = (21 Apr 2013 - 20 Apr 2014)
New Construction
Properties Under Construction25
Units Under Construction6830
Construction Starts, Last 30 days0
Construction Completions, Last 30 days0
Broker Sales
Broker(s)Wells Asset Management
Robert Aiello Mike Wells
972-358-2588
PropertyMountain Ridge
Sale DateJanuary, 2014
No. of Units236
Sales Price$12.6mm

Broker(s)Institutional Property Advisors
Will Balthrope
972-755-5160
PropertyMission Ranch
Sale DateFebruary, 2014
No. of Units295
Sales Price$NA

Broker(s)Cantrell Company
Sam Pettigrew
972-630-6691
PropertyLexington, The
Sale DateFebruary, 2014
No. of Units164
Sales Price$6.7mm