The developer that’s building Lake Highlands Town Center is starting work on another project east of downtown Dallas.
Austin-based Cypress Real Estate Advisors has been working on the apartment project on Ross Avenue since last year.
The almost 300-unit, 4-story rental project will be constructed on the former site of the Credit Union of Texas at 4600 Ross Avenue.
"Cypress was drawn to this dynamic redevelopment opportunity due to its proximity to employers in the nearby central business district and Uptown, as well as its easy access to iconic retailers and restaurants along Henderson, Fitzhugh and Lower Greenville," Bill Rafkin, Principal with Cypress Real Estate Advisors, said in a statement.
Commercial real estate firm Transwestern senior vice president Steve Williamson negotiated the property sale.
Cypress Real Estate plans to have the apartments ready in early 2020. JHP Architects designed the building and the general contractor is Oden Hughes Taylor Construction.
The new rental community is being built in an area that already has several new apartment projects underway.
Trammell Crow Residential is building a 292-unit community at Ross and Haskell Avenue.
And Leon Capital Group is developing apartments on the former site of the Dallas Independent School District headquarters on Ross.
Cypress Real Estate started retail construction at Lake Highlands Town Center in 2016. The northeast Dallas shopping center is anchored by a Sprouts grocery store.