Dallas is pushing hard to attract and keep families Downtown. But there is a large fundamental stumbling block — Dallas’ urban core has very few three-bedroom multifamily units.
)
Dallas has less than half the national average of three-bedroom units by total percent, according to Axiometrics. Less than 2% of multifamily units in the urban core are three bedrooms, compared to 5% throughout Dallas and 8% nationally.
Demand is growing Downtown from a family standpoint, Downtown Dallas Inc. CEO Kourtny Garrett said. In addition to the pioneering early 20s crowd who moved Downtown a decade ago and are now growing their families, new couples with young kids are coming to the core, she said.
Empty nesters are also moving to the core with lots of stuff and the desire for spare bedrooms and open living spaces.
But only 38 of the multifamily complexes in Dallas' core have at least one three-bedroom unit. Greystar’s Skye of Turtle Creek has 69 three-bedroom units, the most in central Dallas, according to Axiometrics.
Many Gables products, including Gables Turtle Creek Cityplace, Gables Uptown Trail, Gables Park 17 and Gables Villa Rosa II have larger floor plans. Gables McKinney Ave has 16 three-bed units.
Gables Residential president and CEO Sue Ansel said the next wave of Gables product will focus on Baby Boomer demand.
But Garrett does not think the core necessarily has a three-bedroom problem. DDI would like to see growth and diversification of housing, including for-rent and for-purchase options at multiple price points.
Uptown’s fastest-growing demographic is newborns to 4-year-olds, Uptown Dallas Inc. president and executive director Nolan Marshall said.
At Bisnow’s Uptown & Turtle Creek event in February, Great Gulf president Christopher Wein urged developers to focus on family offerings.
)
)
)
)
)
)
)
)
)
)
)
)