Anthem breaks ground on multifamily community in Garland

Anthem Developmenta Beck Ventures Company, broke ground on the first phase of redevelopment for the new Transit-Oriented District surrounding Dallas Area Rapid Transit’s (DART) Lake Ray Hubbard Station in Garland. This first phase includes the development of Lofts iThirty, a 340-unit, $64 million Class-A multifamily project located at 6302 Greenbelt Parkway. The initial opening of Lofts iThirty is scheduled for Q4 of 2024.

Anthem’s rezoning effort, in conjunction with DART, Wal-Mart, Kimley Horn, and the City of Garland, took over 18-months and the first phase of this mixed-use project was permitted last month. The rezoning project was awarded by the American Planners Association for its innovative approach. The final study ultimately calls for the redevelopment of the DART station, as well as two adjacent retail & hospitality pad sites that are currently being marketed.

Lofts iThirty will feature five, four-story buildings with amenities including two resort style pools, pet spa, park, game room, coffee bar, remote-work sky-lounge, outdoor kitchens, elevator access, climate-controlled corridors, and two 24-hour fitness centers totaling over 3,500 square feet. The community is conveniently located adjacent to Interstate 30, less than 15 minutes from Downtown Dallas. Additionally, Lofts iThirty was designed to be pedestrian-friendly and sits across from Duck Creek Trail, as well as a variety of shopping, dining, & entertainment options, and will offer short commutes to major employers.

Anthem exclusively engaged Nova Capital to arrange financing for the development of the project with Bank OZK, and ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management.

$63 million in financing secured for multifamily development in Dallas-Fort Worth area

Anthem Development, a Dallas-based multifamily developer and Nova Capital, a Los Angeles-based real estate capital advisory firm, successfully closed on a $63 million of joint venture equity and debt for the acquisition and development of Lofts iThirty, a planned 340-unit luxury multifamily property located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, Texas, one of the most active submarkets in the Dallas-Fort Worth metroplex. 

Nova Capital was exclusively engaged on behalf of the sponsor, Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground this month with completion scheduled for 2025. The firm ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management and a debt facility with Bank OZK.

Lofts iThirty will feature five, four-story buildings with community amenities including two resort style pools, pet spa, pet park, game room, coffee bar, remote work lounge, outdoor kitchens, two 24-hour fitness centers totaling over 3,500 square feet, elevator access, and climate-controlled corridors and more. 

The community is conveniently located adjacent to Interstate 30, providing residents with convenient access to neighboring communities. Additionally, Lofts iThirty is designed to be pedestrian-friendly and is within walking distance of a variety of shopping, dining, and entertainment options, and will offer short commutes to major employers.