The Steinbridge Group plans to develop 180 build-to-rent townhomes in the Capella Park neighborhood, having recently received unanimous approval from the Dallas City Plan Commission.
The $54 million, privately funded community is part of the firm’s previously announced initiative to partner with historically Black colleges and universities and other community institutions to develop underutilized real estate holdings.
Steinbridge purchased the 15 acres of land from the Potter’s House Church and Clay Academy Charter School in 2022 as they struggled with the fallout from the pandemic. The development will expand the existing Capella Park neighborhood.
“Housing remains a scarce resource across too much of the country, and our nvestment strategy aims to directly support high-quality homes for America’s families,” Steinbridge Founder and CEO Tawan Davis said in a press release.
All townhomes will have three bedrooms and include green energy design and material sourcing.