Beck, Frankfurt Form JV To Build Luxury Apartments
Beck Ventures CEO Scott Beck is not feeling deterred by having a nationwide pandemic and a recent snowstorm arrive while his new Town of Trophy Club mixed-use development gets its sea legs after opening last year.
Instead, sensing a need for more apartments as more people move into North Texas, Beck Ventures has formed a multifamily development joint venture, known as Anthem Development, with former Frankfurt Properties executive Ross Frankfurt and Will McNutt, who formerly served Frankfurt Properties and Rex Teams.
The team intends to build Class-A apartments across North Texas, leaning on Frankfurt's experience in multifamily development.
"We aim to bring a unique upscale mixed-use vibe to our developments: more amenities and better locations," Beck told Bisnow.
Despite the pandemic challenging CRE properties, Beck said the economic fundamentals in DFW support the creation of more apartments.
"Coming out of the pandemic is precisely the time to be building," he said. "The fundamentals in DFW have not changed and now post-pandemic even more people are looking to migrate to Dallas. Coupled with low interest rates and this migration trend to red states, it is the perfect storm for DFW."
The JV is a continuation of a strong relationship between the Beck and Frankfurt families for years.
Beck remembers when his father left Trammell Crow in the early 1970s, one of his first purchases was from David Frankfurt.
Ross helped grow Frankfurt Properties as its president for the past decade before leaving with McNutt, who did stints at Avesta Communities and ResProp Management, to form Anthem Development.