City of Dallas breaks ground on new mixed-income development in Oak Cliff

DALLAS – The City of Dallas and its partners Mintwood Real Estate and MSquared, two women-owned companies have broken ground on Oakhouse, a new mixed-income apartment community. The new community will bring 219 units of Class A affordable and market-rate housing to the rapidly growing Oak Cliff neighborhood located in City Council District 1 represented by Council Member Chad West.

“Oak Cliff is one of Dallas’s fastest growing neighborhoods and its citizens deserve to have affordable housing options, which is why the Oakhouse project is so important and necessary for our community,” said Dallas Council Member Chad West. “Projects like Oakhouse demonstrate how we can lift up residents of all income levels by providing them with high quality apartments in highly desirable downtown areas.  Oakhouse provides an example on how to deliver housing without displacing anyone in the process. I am excited to see Oakhouse move into the development phase and applaud Mintwood, MSquared, the City of Dallas, and their partners for breaking ground on this historic project.”

With the support of unique and innovative partners, Oakhouse will help provide quality affordable housing in Dallas.  Through a long-term restriction, Oakhouse will offer 110 of its units at rents affordable to households making up to 80% of the area median income through a partnership with the City of Dallas that will preserve the complex’s affordability long-term.

“Oakhouse delivers housing on land that has been underutilized for decades – the former greenfield will be home to over 116 units per acre at completion,” said Katy Slade, Principal & Founder at Mintwood Real Estate.  “Oakhouse’s proximity to both Bishop Arts and Downtown Dallas makes it a great place to live and the addition of state-of-the-art amenities and high-quality residences make a new home for many.  As rents climb in the Oak Cliff neighborhood, Oakhouse will preserve long-term affordability for more than half of its residents thanks to the leadership of the City of Dallas and our partners.”

The property is located adjacent to I-35E, providing residents with fast and easy access to jobs and schools.

“The Oakhouse project is a perfect fit for the PFC program,” said Aaron Eaquinto, Assistant General Manager of the Dallas Public Facility Corporation and Housing Finance Corporation. “It provides affordability to residents in a prime location near downtown. Not only will qualifying residents enjoy a high-quality, Class-A product, but they will be able to rest easy knowing that they won’t be subject to ballooning rent costs that are pricing many of our middle-income earners out of places like these. PFC projects like these are key to offering affordability to those in the community earning just enough to get by, and they will see an immediate impact on their ability to cover life’s necessities as their rent burden is decreased.”

Mintwood Real Estate is the developer and general partner, alongside partners Mirasol Capital and MSquared.