The Premier will be completed as a six-story 296-unit asset with 13,500 square feet of ground floor retail.
Anthem Development, the Dallas-based institutional multifamily developer, broke ground on the “Premier” at Dallas Midtown, a 296-unit luxury mixed-use project located at the southwest corner of Dilbeck and Preston Road, on the site of the former Valley View Mall.
Anthem is partnering with PLT America, a subsidiary of Prime Life Technologies Corporation, which is a joint venture of Toyota Motor Corporation and Panasonic Holdings Corporation, as well as Beck Ventures for equity on the first phase of this Dallas International District project.
“This activator piece of the larger Dallas Midtown master-planned development within Dallas’ International District faced many challenges in the current real estate environment,” said Will McNutt, President of Anthem Development. “We particularly targeted overseas equity to serve as the ideal equity partner for Dallas’ International District. Executing with tighter capital access and rising costs was certainly challenging, but our strategic and patient approach along with our solid relationships led to this successful closing.”
Strategically located at by Preston Road and LBJ Freeway, just across from the T Bar M Tennis Club, residents will be situated perfectly in the population density center of Dallas, equally able to commute between 635, I-45, and the Dallas North Tollway. The community’s strategic location also ensures convenient commutes to major employment areas throughout the Dallas-Fort Worth metroplex.
“We are excited to bring this luxury project to the heart of North Dallas,” said Ross Frankfurt, CEO of Anthem Development. “Beck Ventures was instrumental in sharing their vision, which enabled us to navigate the international capital markets process. This development reflects our ongoing commitment to building high-quality communities that create value for our partners, residents, and the neighborhoods we serve.”
The project will be financed by NexBank, designed by Cross Architects, and constructed by Anthem Commercial Construction, a vertical subsidiary of Anthem Development. XIB Capital Partners and Nova Capital helped secure the equity and financing, respectively.
