Corinth is the next target for apartment builders.
Florida-based Landmark Cos. has landed $45 million in financing to build a rental community in the city. The Arden at Corinth apartments will be built on FM2181 near Interstate 35E.
The new rental community includes 268 apartments in two three-story buildings and 28 two-story rental town homes. Construction of the first phase is set to finish in early 2024.
Landmark Cos. said the entire project will cost $63.3 million. A New York debt fund provided construction financing.
“The multifamily market in Texas has been hot and shows no signs of slowing down as we are always looking for quality projects and developing assets well-positioned in growth markets,” Landmark CEO Julia Baytler said in a statement.
Landmark develops projects in Texas, Florida and Colorado. The company has built more than 6,300 rental units.
The builder’s Arden at Corinth project will include a clubhouse, fitness center, pool and dog park.
Landmark last year completed a 267-unit rental project in Crowley, south of Fort Worth. It’s also finishing work on a 318-unit apartment community in Grand Prairie and acquired a warehouse building site in Grand Prairie.
The company has previously owned apartments in Allen, North Richland Hills, Mansfield and Burleson.
Landmark’s Corinth development is one of two new apartment communities on the way in the Denton County community. Irving-based Realty Capital Residential is building the Parkway Lofts on I-35E, which will include more than 300 apartments and town homes.
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