D
allas's dry spell in multifamily starts may be coming to an end as developers move forward with projects in high growth areas. Novu Residential Group and Pivot Residential secured equity from Parse Capital to build The Carsona, a 305-unit apartment complex in Grand Prairie, a DFW suburb. Berkadia arranged the financing for the project, but the amount was not disclosed. The Berkadia team included Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt.

    The Carsona will be built on a 37-acre wooded site in Grand Prairie, consisting of seven four-story buildings. The project will feature walking trails, a resort-style pool, clubhouse, fireplaces, and pickleball courts. The property is located at 3800 Robinson Road in Grand Prairie, approximately 20 miles southwest of downtown Dallas. Residents will have easy access to Interstate 20 and President George Bush Turnpike.

    Since expanding its entertainment district in 2021, Grand Prairie has attracted brands like Topgolf and Andretti Indoor Karting & Games, which opened an outpost in the town in July. Developers are expected to break ground on The Carsona this month, according to Berkadia's press release. The project is expected to be delivered in the Spring of 2027, as per Novu's website.

    Multifamily starts have declined significantly after low interest rates spurred a building frenzy that put DFW's multifamily pipeline second to New York City's by only three units, according to a recent report from RentCafe. The peak supply and increase in interest rates dried up new multifamily starts. However, other multifamily market indicators, like rent growth and transaction volume, have begun to inch back, leading experts to believe that the bottom of this cycle is in the rear-view mirror.

    Novu Residential Group and Pivotal Residential are developers based in Alabama. Nova also has projects under construction in Nashville and Jacksonville.