Conor Commercial Real Estate Completes 327-Unit The Flynn at Live Oak in East Dallas

Conor Commercial Real Estate and Cadence McShane Construction have completed The Flynn at Live Oak, a 327-unit luxury multifamily development at 4931 Live Oak St. in Dallas, the firm announced Nov. 3. The five-story community is located in East Dallas and is a joint venture investment among Conor Commercial Real Estate, Globe Corporation and Origin Investments.

The Flynn at Live Oak: Project Details

The Flynn at Live Oak sits about 1.5 miles northeast of downtown Dallas. The single five-story building contains approximately 271,931 square feet of residential space, with apartments averaging 832 square feet. Units are configured as studio, one-bedroom and two-bedroom layouts.

Apartments include stainless-steel appliances, glass-enclosed showers, large windows, hardwood-style floors and in-unit laundry. Select units offer kitchen islands, patios or balconies, and views of the Dallas skyline.

"Set in the heart of East Dallas, The Flynn is an exciting addition to a highly connected location," said Jason Lentz, senior vice president of multi-family at Conor. "This development represents our commitment to delivering thoughtfully designed communities tailored to support a variety of lifestyles."

Amenities and Location

The community is designed for professionals who want to live adjacent to downtown, according to the announcement. It is steps away from restaurants, bars and shops, with access to Uptown, Downtown, Deep Ellum and Lower Greenville.

Indoor amenities include a sky lounge with views of Downtown and Fair Park, co-working spaces with private offices and standing desks, a fitness center, a grab-n-go market and a pet spa. Two courtyards feature a resort-style pool and sundeck, firepits, grilling stations, two fitness areas, a Zen and yoga space and a dog park.

Capital Stack and Project Team

JLL's Dallas office assisted with the capital raise for the development, and Wintrust Bank provided the construction loan. JLL later secured a $78.732 million construction takeout loan through funds managed by Blue Owl Capital. The financing equates to roughly $241,000 per unit and $290 per residential square foot, based on the unit count and building size. Those figures reflect financing and do not represent a sale price or property valuation.

Merriman Anderson Architects designed the project, and Cadence McShane Construction built it. Greystar manages the property. Conor first announced the project in October 2023, when it was planned as a 327-unit, five-story community with delivery expected in spring 2025.

Dallas-Fort Worth Multifamily Market Context

The Flynn opens as the Dallas-Fort Worth multifamily market absorbs a large wave of new supply. Metro occupancy was 94.0% in the third quarter of 2026, while vacancy stood at 9.4% and average effective rents were $1,461 per unit. Rents were down 2.0% year over year, the smallest annual decline since early 2024.

Demand indicators have strengthened. The market recorded 6,736 units of quarterly absorption in the third quarter of 2026, nearly double the comparable quarter in 2025, with average rent of $1,493, up 0.2% year over year. Another measure put average occupancy at 94% and average rent at $1,512, or $1.68 per square foot.

Supply is easing. The market saw 6,390 completions in the third quarter and 26,062 trailing-12-month completions, a 23% decline in the latter measure. The average multifamily cap rate in the market has risen for 19 consecutive quarters to 5.66%.

Outlook

The Flynn is positioned as a Class A, amenity-focused urban infill community in a market where operators are competing for renters amid elevated vacancy and modest rent declines. The takeout financing provides a path from construction debt to longer-term capital for the asset.

Leasing information is available at the property's website, theflynnliveoak.com.

Sources

• Conor Commercial Real Estate: Conor Completes The Flynn at Live Oak in East Dallas