DALLAS, TX - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced that it has formed an investment venture with Harvest Partners and Capri Capital Partners, LLC (CCP) representing an institutional investor, to develop three urban residential buildings. Located eight minutes north of downtown Dallas, the project represents the first phase of the residential component of Park Lane, a 33-acre mixed-use development that will also feature some of the region's most attractive retail, dining, grocery, entertainment and luxury hotel venues. Construction will commence in December 2006, with the first homes delivered by summer of 2008.
The first phase of the residential development will include a 20-story high-rise tower with 62 exclusive homes, a 15-story mid-rise tower with 218 luxury homes, and a four-story building with 45 lofts. The residences will be fully integrated within Park Lane and will range in size from 600 square feet to more than 3,500 square feet.
"PM Realty Group is creating an urban residential experience to supplement the dynamic retail and lifestyle destination at Park Lane," said Rick V. Kirk, President and Chief Executive Officer of PMRG. "The combination of our varied residential offerings, unique restaurants and specialty retail in a pedestrian-friendly environment - not to mention the proximity to a light rail mass transit system - will make Park Lane one of the most desirable places to live in Dallas."
The residential development will offer panoramic views, state-of-the-art amenities, dedicated resident parking and access to more than 50 shops and restaurants. Residents will enjoy direct access to The Sports Club/LA, an exclusive sports and fitness facility, concierge service from the nation's largest Whole Foods Market, and a free trolley to NorthPark Center, the country's most prominent shopping mall. The Park Lane DART station will allow residents to reach downtown Dallas in less than ten minutes.
"PM Realty Group has greatly contributed to the vision of Park Lane and has added a new dimension to the development's potential," said Eliot Barnett, managing partner with Harvest Partners, the developers of Park Lane. "For the people who will live at Park Lane, driving will truly become optional. Nowhere else in Dallas will people be able to walk from their apartments to more than three million square feet of upscale stores and restaurants, not to men
tion the possibility of being a short stroll or train ride away from work."
"On behalf of our institutional client, Capri Capital Partners is pleased to team up with PM Realty Group in developing several multi-family options for the Dallas urban dweller within this new retail development adjacent to NorthPark Mall," says Alasdair Cripps, Partner, Investments of CCP. "This site will provide Park Lane apartments' future residents with excellent access to the Dallas highway infrastructure, an extension to the existing Park Lane Dart Station, as well as many of the new amenities today's renter warrants"
The architect for the residential project is Gromatzky Dupree & Associates, a 25-year-old, award-winning, Dallas-based firm currently designing more than 20 high-rise, multi-family residential projects across the country. Bryant Nail, senior development officer for PMRG, will oversee the development of the three urban residential buildings.
About Capri Capital Partners, LLC
Capri Capital Partners, LLC is headquartered in Chicago. Capri Capital Partners is one of the country's leading institutional real estate investment advisory firms, investing in and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt investment products and services to its clients through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients total approximately .8 billion as of September 30, 2006. For more information, please call Trish Hoffman at 312-573-5275.