Oak Cliff apartment project will bring affordable units
Mintwood Real Estate's Oakhouse apartments are planned on Colorado Boulevard in North Oak Cliff.Builders have broken ground on a project that’s expected to set the tone for development in a North Oak Cliff district.
The apartment project is being funded by a team that includes Hillcrest Bank, Independent Financial and Mirasol Capital. The city’s Dallas Public Facility Corp also provided incentives for the project. The cheapest rental unit in the project will be about $1,100 a month. The average apartment in Dallas-Fort Worth leases for more than $1,500 a month.
“We have a real displacement problem going on in the city of Dallas right now,” he said. “People cannot afford to live in the city of Dallas. Our police, our firemen, our nurses, our teachers — they are being pushed out because they can’t afford to live in the city of Dallas on a $50,000 or $60,000 salary. That is just not right.Alicia Glen, founder of project investor MSquared, said her firm looks for developments like Oakhouse.
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