Building Thriving Communities in Texas: Mansions at Marine Creek

Rental affordability is the worst on record, as "the number of renters with cost burdens has hit an all-time high, and the stock of low rent units has continued to fall," according to the Joint Center for Housing Studies at Harvard University.

With more than a dozen owned properties in Texas and three in development and construction, DLP Capital is making a significant impact on the worsening rental housing crisis in Lone Star State with our Thriving Communities.

DREAM Marine Creek is a 40.2-acre parcel of land in Fort Worth, TX, acquired by DLP Capital at a significant discount to comparable trades in the area. The land property, 85% owned by the DLP Building Communities Fund, will be part of several ground-up developments, bringing 638 multifamily units to the area over three phases. With the population in the surrounding one-mile radius forecasted to grow an average of 2-3% annually over the next four years, the new units will be a welcome addition to an area with a 92% (1) multifamily occupancy rate. 

Located less than 10 miles from the historic Fort Worth Stockyards and Museum district, Dream Marine Creek is centrally located, with quick access to points of interest throughout the metroplex, thanks to its proximity to Loop 820, a major freeway. The first phase of development, consisting of 225 one- and two-bedroom units, averaging 1,061 square feet, began in April 2023 and is on track for completion later this year.

From 2015 to 2023, the population experienced an almost 10% increase, with more than 800,000 (1) residents now calling the Dallas-Fort Worth (DFW) metropolitan area home. Here are some of the demand drivers we believe spell opportunity for DLP Capital investors. 

• Robust Job Market Driving Population Growth: DFW has seen a substantial population increase due in part to the number of notable employers that have moved or established themselves in the area. American Airlines, Bank of America, and Texas Health Resources are among the more than 200 corporations that have opened headquarters in DFW over the last decade (2), creating a key renting cohort.

• Scarcity of Affordable Homes: A growing population needs housing, a need not easily met by DFW’s low supply of available homes, which sat at just 2.7 months at the end of Q1 2024 (3).  With median sale prices over $400,000 (4), the housing that is available is out of reach for many, driving demand for attainable rental housing.

• High Multifamily Occupancy Rate: DFW saw a 92% in March of this year (5), meaning almost all units are currently leased or rented out to tenants. This indicates a strong demand for rental housing in this market–a demand that we’re ready to help meet with projects like Dream Marine Creek.

We’re excited about what the future holds for our upcoming projects in Texas and the Sun Belt region. As an existing investor, you know the value DLP Capital brings to not only our investors but the communities in which we build. We thank you for your continued trust and support as we make an impact, one community at a time.

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Sources:

1- CoStar - 12/06/23

2- https://commercialobserver.com/2024/04/dallas-multifamily-recovery/

3- https://www.gfwar.org/news/march-2024-housing-report

4-  https://orchard.com/homes/real-estate-market-report/region/tx/dallas-fort-worth

5-  GreenStreet - Dallas/Fort Worth Market Snapshot - 3/14/2024