Dallas-based investor Crow Holdings has raised a new fund to finance the construction of more than $1 billion in apartments across the United States.
The multifamily building fund has raised about $680 million from investors to fund apartment projects in multiple markets, including Dallas.
Crow Holdings owns Dallas-based Trammell Crow Residential, one of the largest apartment builders in North Texas and the country.
“Trammell Crow Residential has been developing luxury apartments for decades, and today’s market is unlike anything I’ve seen in my time in the industry,” Trammell Crow Residential CEO Ken Valach said in a statement. communicated. “Supply is still well below demand, leading to increased absorption and rental growth, especially in markets with diversified economies and growing employment and population. “
Crow Residential has several apartment projects under development in Dallas-Fort Worth, including a 380+ unit development off Ross Avenue in East Dallas, projects in Uptown, 500+ units in Frisco, and a 378 community rental units in Denton.
The Denton project is part of a $1.5 billion development program that Crow Residential recently launched to start more affordable rental projects. Allora communities will be built to be affordable for tenants with household incomes starting at 80% of the region’s median income.
Crow Residential has built over 260,000 multi-family units nationwide.
“With hundreds of transactions completed over the past two decades, we have honed our ability to analyze and execute geographically diverse transactions in cities and regions where tenant demand is most sustainable,” said Bob McClain, CEO of Crow Holdings Capital, in a statement.
The apartment financing deal comes at a time when demand for rental housing in North Texas is skyrocketing. Less than 3% of D-FW apartments are vacant and rents are at an all-time high.
Crow Holdings’ recently closed apartment fund is the latest of several investment platforms to fund development.
In March, the Dallas investor completed funds to buy and build billions of dollars worth of industrial properties across the country.
The two industrial funds and now the apartment program represent $1.7 billion in equity commitments by investors.