Silver Oak breaks ground on Frisco apartment community
By STEVE BROWN
Construction has started on the first phase of a 750-unit apartment community on Dallas North Tollway in Frisco.
Dallas-based Silver Oak Multifamily Capital LLC said Tuesday that it has broken ground on its Emerson at Frisco Market Center project at the northwest corner of the tollway and Main Street.
The first phase will include a four-story apartment building with 410 units and a parking garage, according to Silver Oak.
Leasing on the project is slated to begin in the spring of 2014.
Rental units in the project will range in cost from about $850 to $1,350 a month, said Silver Oak managing partner Tim Gottsacker.
Westwood Residential is the development consultant and general contractor.
The new rental community is part of the 80-acre Frisco Market Center development, which also includes retail and commercial space.
It’s the first ground-up apartment development for Silver Oak, which has done more than $200 million in real estate deals since 2006.
“We have sold 10 of the 12 properties we owned in Texas during 2012 — primarily in Dallas-Fort Worth suburbs — and will sell the remaining properties in the first quarter of 2013,” Gottsacker said. “We remain bullish in the multifamily sector and plan to continue to acquire existing multifamily and develop new class A apartments as opportunities arise.”
Silver Oak acts as a general partner and sponsor of real estate funds that invest in apartment communities.
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