High Street Residential Breaks Ground on 435-Unit Mixed-Income Community at 5550 LBJ in North Dallas

A joint venture led by High Street Residential (HSR), the residential subsidiary of Trammell Crow Company (TCC), has broken ground on a 435-unit Class A multifamily community at 5550 Lyndon B. Johnson Freeway (LBJ) in Dallas. The firm announced the groundbreaking Oct. 12, 2026. Completion is expected by summer 2028.

HSR is developing the project with Acram Group as co-general partners. Parse Capital is providing preferred equity, and Bank OZK is serving as senior lender. The development will convert a former office site into a mixed-income residential community.

5550 LBJ Project Details

The residential community will occupy approximately 5.4 acres within an 8.6-acre redevelopment site in North Dallas. It will consist of a five-story and a seven-story residential building integrated with an existing structured parking garage.

The project is structured as a Dallas Public Facility Corporation (PFC) development. Of the 435 units, 217 will be market-rate apartments and 218 will be affordable housing units, which are targeted to households earning up to 80% of area median income. Affordable units make up roughly half of the total.

Amenities will include a clubroom, co-working space, sports lounge, resort-style swimming pool, grilling stations, fire pits, fitness center, 7th-floor sky lounge, bike storage, dog wash station and package room. Apartment interiors will feature stainless-steel appliances, quartz countertops, tile backsplashes, keyless entry, and full-size washers and dryers.

Office Site Redevelopment in North Dallas

The project replaces three vacant office buildings while preserving and upgrading the existing parking garage. Rather than demolishing the entire site and rebuilding from the ground up, the development team incorporated the garage into the project's design, which HSR described as a more efficient redevelopment solution. The site sits along LBJ Freeway, one of the region's major employment and transportation corridors.

"This project demonstrates the power of public-private collaboration to deliver much-needed housing in a highly desirable area of Dallas," said Kevin Hickman, a principal with TCC in Dallas. "We are proud to partner with the City of Dallas Public Facility Corporation and our capital partners to create a community that expands access to quality housing while revitalizing an underutilized site."

Public Facility Corporation Structure and Capital

The Dallas Public Facility Corporation entered into a 75-year lease with High Street Residential, and the project is expected to receive an ad valorem tax exemption under Texas' Public Facility Corporation framework. A city-related filing estimated construction costs at approximately $69 million, or about $159,000 per unit. That figure is an estimate rather than an all-in development budget.

Bank OZK is the senior lender, and Parse Capital is providing preferred equity. Acram Group is co-general partner alongside HSR.

Project Team

WDG Architecture is the architect, and OHT Partners is the general contractor. Additional consultants include Urban Structure (structural engineer), Schmidt & Stacy (mechanical, electrical and plumbing engineer), Kimley-Horn (civil engineer), TBG Partners (landscape architect) and Ellie Aiello Interiors (interior designer).

Market Context and Sponsor Background

The project is an example of adaptive redevelopment of an underused office campus in North Dallas, with the PFC structure supporting housing production in an established employment corridor. The tax exemption and long-term lease structure can affect project economics at a time of elevated construction costs and expensive debt. With delivery scheduled for 2028, the community is set to open after the current wave of apartment deliveries affecting many U.S. markets.

High Street Residential specializes in multifamily development, with a background in urban infill mixed-use residential projects and the redevelopment or repurposing of existing facilities. The firm has approximately 14,700 units in process or in its pipeline and has completed approximately 18,500 units valued at nearly $5.7 billion over the last two decades. Recent HSR announcements include a planned 214-unit transit-oriented community near Bellevue's Wilburton Light Rail Station and a 369-unit transit-oriented development in Beaverton, Oregon.

Acram Group, founded in 2011, owns and manages more than 4 million rentable square feet of assets in 11 cities and 17 submarkets, spanning office, multifamily, retail, covered land and flex-industrial properties. It has offices in New York; Greenwich, Conn.; and Dallas, and acts as managing member of each asset it buys.

Trammell Crow Company, a wholly owned subsidiary of CBRE Group, Inc., was founded in 1948 and has developed or acquired 3,000 buildings valued at $90 billion spanning more than 700 million square feet. As of June 30, 2026, TCC had nearly $30 billion of projects in process and in its pipeline.

Sources

Trammell Crow Company: HSR-led JV Breaks Ground on 435-unit Class A Multifamily Community in North Dallas