In October 2023, Resia, a vertically integrated multifamily developer, builder, and property manager, announced the opening of their first location in The Metroplex. Known as Resia Dallas West, the apartment complex features 336 units across 8 garden-style 3-story buildings. Located at 5050 Keeneland Parkway in Southwest Dallas, Resia hopes the location will complement their standard for delivering a luxury product and providing a high standard of property management. 

Urbanize Dallas was just now able to obtain details on the financing behind the project. Although leasing began in the beginning of October, we waited for these details to better provide readers with an understanding of both the business and the project. Fifth Third Bank provided a construction loan while Pearlmark served as a preferred equity partner.

The building's location should prove to be convenient for commutersSource: Google Maps

Resia's business model first focuses upon finding convenient locations with high demand for housing. While that is certainly not a departure from the norm, Resia operates differently from many other vertically integrated real estate developers. Notably, Resia kept both architecture and construction in-house -- a level of vertical integration not seen in many full-service real estate shops. They state their development team is "comprised of in-house architects, engineers, designers, and developers". Additionally, they specialize in weather-resistant concrete buildings that allow them to deliver a high-quality product quickly. Given today's cost of capital and rapidly changing market landscape, Resia's quick development schedule, assisted by having all the teams under the Resia banner, certainly creates an advantage.

The lobby hopes to give prospective residents a first impression of luxurySource: Resia

Resia Dallas West offers units of 1-3 bedrooms, all with luxury amenities to maximize the value of their strategic location. Each unit includes:

  • Stainless steel appliances
  • Granite countertops
  • In-unit washer & dryer
  • Private balcony (or patio for ground-level units)
  • Open floorplan kitchen
  • 10-foot ceilings (you never realize how important that is until you end up in a room with low ceilings)

Additionally, the complex offers a 24-hour fitness center and a swimming pool for residents to enjoy.

Resia's portfolio shows a rapidly growing presence across the sunbelt, including another proposed development in Denton. Despite capital market conditions, Resia seems to be finding areas with secular tailwinds such as The Metroplex and South Florida to overcome these burdens.

Investors should take note of Resia's quick development schedule, which likely allows for easier access to construction financing. Resia's inclusion of preferred equity in their capital structure likely made it possible for them to go to the bank with a request at a lower LTV without an injection of any more common equity.