SEPTEMBER 5, 2023 – BV Capital and its investors have funded the acquisition and development of nearly 30 acres of prime land for affiliate Bridgeview Multifamily LLC to build class A apartment projects in the North Texas cities of Arlington and Denton.
Bridgeview Multifamily has just closed a second off-market acquisition – a 6.34-acre tract at 800 W. Bardin Rd. in Arlington, where it will develop a 250-unit class A project. The developer also recently acquired a 22-acre tract at 3755 McKinney St. in Denton, the future home of a 360-unit upscale project. Ground will break on both projects by midyear 2024.
Residential rental demand is soaring throughout Texas, the nation's leader in population and job growth. Bridgeview Multifamily presently has six stabilized class A projects, totaling 1,170 units, and six developments with an additional 1,966 apartments in various stages of development.
“Having side-by-side developments makes good economical sense. It will create economies of scale for our general contractor, Bridgeview Construction.”
rob anderson
Bvcapital president
Bridgeview's properties, valued at $330 million, are located in Arlington, Corpus Christi, Dallas, Denton, Fort Worth, Garland, Houston, Mansfield and New Braunfels, all strong markets within the state and several with high barriers to entry.
"There is a significant housing supply and demand imbalance in Texas. We just don't have enough units to keep pace with in-migration trends," says Rob Anderson, president of Dallas-based BV Capital.
DENTON, TX
The Denton site is adjacent to the 288-unit Denton Forest Crossing, Bridgeview's inroad to a two-university city with a combined student enrollment of 58,000. The city's rental occupancy rate is closing in on 97%; the average monthly rent has reached $1,344; and effective rents are up 16.1% per year since 2021.
"Having side-by-side developments makes good economical sense. It will create economies of scale for our general contractor, Bridgeview Construction," Anderson says. "Our crews can easily move between the projects as work wraps up on various stages."
BV Capital, part of the Bridgeview family of companies, is planning to create an Opportunity Zone Fund, with the as-yet unnamed Denton project to help investors offset their capital gains tax. The anticipated hold is 10 years.
The development will consist of 15 three-story buildings with one and two bedroom units, averaging 875 sf. Amenities will include a clubhouse, pool, dog park and barbecue area.
Bridgeview's development will be situated at the intersection of East McKinney Street and Hummingbird Lane. The site is located just a few miles from Denton's historic downtown, the University of North Texas and Texas Woman's University.
Rendering of Denton, TX Project
Rendering of Arlington, TX Project
Rendering of Denton, TX Project
Rendering of Arlington, TX Project
ARLINGTON, TX
In Arlington, Bridgeview Multifamily has gained city approval to develop a vacant tract near Interstate 20. The site historically has failed to meet developers' litmus tests from a density perspective.
"Because of our past experience with a similar site we were able to design a unique project that provides the density needed to make the numbers work to make the development viable," says Steve May, Bridgeview's president and founder. "Developers have been struggling for years to find a way to develop that site. Fortunately, no one else had the insight to accomplish what our team did with the urban design."
The 6.34-acre tract is located at the intersection of West Bardin and Matlock roads, just a stone's throw from I-20 on/off ramps. The surrounding neighborhood is a mix of local retail and single-family communities with homes that cost upward of $350,000.
Tentatively dubbed Mercantile Lofts, Bridgeview Multifamily's plan calls for a four-story building with three-story wings with one- and two-bedroom units averaging 796 sf. Featured amenities include a pool, courtyard and single-level parking garage.
Arlington’s rental inventory is 94% occupied, with an average rent of $1,254 per month. Bridgeview’s project will be situated in a submarket with an 8.2% annual rent growth, nearly double that of the entire DFW Metroplex.
“Our strategic purchase and the city’s support provide a solid foundation for Bridgeview’s new project,” May says. “We intend to deliver a high-quality, well-amenitized housing option for Arlington’s rental market.”
“We intend to deliver a high-quality, well-amenitized housing option for Arlington’s rental market.”
Steve May
Bridgeview’s president and founder
About BV Capital
BV Capital is a member of the Bridgeview family of companies based in Dallas. Founded in 2011, Bridgeview is a private veteran-owned real estate development and investment company. BV Capital offers investments to existing private clients, broker dealers, registered investment advisors and family offices through BV Securities as Bridgeview’s managing broker dealer.
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Bridgeview is ready to develop 'The Landhaus at Gruene', a new ground up construction multifamily property in New Braunfels, TX, one of the fastest growing suburbs in the Central Texas MSA in between San Antonio and Austin.
