A rendering of the future Magnolia Lakewood apartment complex
Apartment developers who are capitalizing on the Dallas rental property boom plan to build 105 new boutique apartments across the street from Lincoln Property Co.’s Lakeview Shopping Center at Gaston and Garland-East Grand, formerly anchored by the White Rock YMCA and now UFC Gym. Lakeview sits across Gaston from the recently overhauled Arboretum Village.
An aerial view of the three apartment buildings and 12 duplex/fourplex buildings being torn down, via Google Earth
Three apartment buildings and 12 duplex/fourplex buildings, built in the ’40s and ’50s, are being torn down to make way for the new project. The entrance will front Tucker near Casa Loma in the Lakewood Hills neighborhood. It will sit uphill from the retail strip housing The Goat, Cigarz Pizza and Andrea’s Italian Restaurant, and next to Power Properties’ Veranda Flats.
Partners Eric Little and Randy Primrose started working together in a large, multifamily ring that focused on “huge projects” such as Vitruvian Park in Addison and the 464-unit Belmont Apartments on Henderson.
“That model of coming in and totally overwhelming an area with your product, we really didn’t care for,” Little says. “We wanted to come in and blend in with the neighborhood, make the neighborhood better.”
The pair own and manage several apartment projects in both Dallas and Fort Worth under the Magnolia label, including the 43-unit Magnolia on Matilda near Lowest Greenville, and are working on others.
“What we do is go find small pieces of land that other people don’t know how to develop, buy them and tear them down, and rebuild new, small, boutique builds with 40 to 100 units,” Little says.
Construction will begin in about a month on the three-story Magnolia Lakewood complex, Little says. The land is zoned multifamily and allows heights up to 36 feet.
A first floor plan of the Magnolia Lakewood
