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17 story apartment tower now under construction at 3030 Carlisle in Uptown Dallas
Robert De Bruin (left), Tom Bakewell, Doug Chesnut and Paige Close at the StreetLights Residential office in Dallas.
The company is constructing a 17 story apartment building in Uptown
Excerpts:
By Steve Brown, DMN
05 April 2012
Doug Chesnut and Tom Bakewell have done some big apartment projects.
The two Dallas developers turned Downtown’s 36-story Republic National Bank building into rental homes, and they built the 26-story Park 17 high-rise in Uptown.
But their biggest deal was starting their own company last summer.
“Our industry has its best demographics in 30 years,” said Chesnut, whose new StreetLights Residential is already working on three projects. “If you were ever going to start a company, this was the time to do it.”
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Chesnut and Bakewell formed StreetLights Residential after working for years for nationwide apartment developer and investor Gables Residential.
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StreetLights formed an equity investment partnership with Dallas’ Hill family and tied up a prime Uptown building site on Carlisle Street for its first deal.
“We put that Carlisle property under contract before we even had our equity venture complete,” Bakewell said.
The nascent developer has begun knocking down the old low-rise office buildings on the property to make way for their 17 story apartment tower.
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With about 12,400 apartments under construction in the Dallas-Fort Worth area, developers from across the country are looking at North Texas for expansion. D-FW is one of the top apartment building markets in the nation.
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http://www.dallasnews.com/business/c...ment-deals.ece
http://www.streetlightsres.com/projects.html