DALLAS – The City of Dallas and partners Mintwood Real Estate and MSquared, two women-owned companies, have broken ground on Oakhouse, a new mixed-income apartment community. The new community will bring 219 units of Class A affordable and market-rate housing to the fast-growing Oak Cliff neighborhood located in City Council District 1 represented by Council Member Chad West.
“Oak Cliff is one of Dallas’ fastest growing neighborhoods and its residents deserve to have affordable housing options, which is why the Oakhouse project is so important and necessary to our community,” said Dallas Council Member Chad West. “Projects like Oakhouse show how we can lift residents at all income levels by providing them with high-quality apartments in very attractive city-centre areas. Oakhouse provides an example of how to deliver housing without displacing anyone in the process. I am excited to see Oakhouse enter the development phase and applaud Mintwood, MSquared, the City of Dallas and their partners for making a mark on this historic project.”
With the support of unique and innovative partners, Oakhouse will help provide quality affordable housing in Dallas. Through a long-term restriction, Oakhouse will offer 110 of its units at affordable rents to households making up to 80% of the area median income through a partnership with the City of Dallas that will preserve the complex’s long-term affordability.
“Oakhouse is delivering homes on land that has been underutilized for decades – the former greenfield site will be home to over 116 units per acre upon completion,” said Katy Slade, Principal and Founder at Mintwood Real Estate. “Oakhouse’s proximity to both Bishop Arts and downtown Dallas makes it a great place to live, and the addition of state-of-the-art amenities and high-quality residences make a new home for many. As rents rise in the Oak Cliff area, Oakhouse will preserve long-term affordability for more than half of its residents thanks to the leadership of the City of Dallas and our partners.”
The property is located next to I-35E, giving residents quick and easy access to workplaces and schools.
“The Oakhouse project is a perfect fit for the PFC program,” said Aaron Eaquinto, assistant general manager of the Dallas Public Facility Corporation and Housing Finance Corporation. “It provides affordable rates for residents in a prime location close to the city centre. Not only will qualified residents enjoy a high-quality Class-A product, but they will be able to rest easy knowing they will not be exposed to high rental costs that put many of our middle-income earners out of places like these. PFC projects like these are key to providing affordability to those in the community who earn just enough to get by, and they will see an immediate impact on their ability to meet the necessities of life as the rent burden is reduced.”
Mintwood Real Estate is the developer and general partner, along with partners Mirasol Capital and MSquared.