Multiple New Developments In Dallas’ Medical District Proves Major Growth And Movement
The Medical District’s population in Dallas is projected to grow by 12.5% from 2016 to 2021,
Olerio Homes’ launch of its first townhouse development at Kimsey Place in the distrct could’t come at a better time. The area is only minutes from downtown, area hospitals, universities, Love Field, the Park Cities and major highways.
Containing 28 units, the first of four phases of townhomes is now available for sale or lease. With sale prices ranging from the high $300s to the mid-$400s, this housing should be attractive to the medical and higher education personnel who work in the district.
Olerio Homes’ President, Lou Olerio, couldn’t be more satisfied with the company’s new venture.
“I had been looking for multi-family land for a while but didn’t want to develop in East Dallas or The Cedars due to the market saturation,” Olerio says. “I was excited to find a pocket off Maple and Inwood that offers affordability, location, and a developing neighborhood in need of more housing options. I feel like Kimsey was a perfect fit.”
With these homes’ affordability and convenience comes a rapidly developing neighborhood—one of the hottest real estate markets in the area. That’s not all. In the works is a Texas Trees Foundation project to make the area greener and more walkable which should increase property values for homeowners who get in on the ground floor of this new development.
With a job growth rate of nearly double the national figure that shows no sign of stopping, the Dallas-Fort Worth-Arlington area has become a magnet for job seekers all over the country. The state’s low tax rate continues to attract many of the nation’s top firms, with plans to relocate or establish branches in this growing region.
All that good news means that affordable housing will become scarcer as demand rises. To meet that need, Olerio Homes is pre-selling 24 patio homes in Modella Park, a gated development near Webb Chapel and Forrest. These homes will be available during the second quarter of 2020 and will be available at prices from the high $400s upwards.
“With the land rush on the east side of I-75, almost all land in the city’s east side had already been bought,” Olerio explains. “Since Olerio Homes bought the new land, there wasn’t much development on the west side of town. These new developments give buyers an option to own a home with as little as three percent down. Combined with the area’s potential for upside appreciation, this development’s central location and proximity to hospitals, universities, and businesses make buying a home there an attractive opportunity for first-time homeowners and new residents.”
Source: Tipp News Daily
