HL Communities Breaks Ground on 380-Unit Trailstone Multifamily Project in Richardson, Texas

HL Communities has broken ground on Trailstone, a 380-unit multifamily development in Richardson, Texas, the firm announced Nov. 2. The project spans more than 9 acres and marks the first phase of a larger residential plan that HL Communities, the residential development platform associated with Holt Lunsford Commercial, is pursuing on roughly 16 acres in the Dallas-Fort Worth suburb.

Trailstone Project Details

Trailstone will include five buildings: a four-story wrap building, three garden-style buildings and a standalone social clubhouse. HL Communities said the community will be the only garden-style development built in Richardson since 2018. That characterization comes from the developer.

Planned resident amenities include:

• A resort-style pool
• An indoor pickleball court
• Four quiet rooms
• Direct on-site access to the 100-acre Spring Creek Nature Preserve and trail system

The site sits within one-quarter mile of both U.S. Highway 75 and State Highway 161. HL Communities said Trailstone reflects its focus on building high-quality communities in irreplaceable locations across Dallas-Fort Worth, and thanked the partners, team members and stakeholders involved in bringing the project forward.

HL Communities Plans Mixed Residential Assemblage

Trailstone is the first phase of a broader plan. HL Communities also controls the neighboring 7 acres, where it plans 165 active adult units and 45 for-sale townhomes. The townhomes are scheduled to break ground simultaneously with Trailstone, with the active adult component to follow.

Together, the full 16-acre assemblage would total 590 residential units across rental, active adult and for-sale housing. The firm described the combined site as a mixed residential environment in the heart of Richardson.

HL Communities previously announced The Renegade, a 104-unit, 120,000-square-foot, four-story Class A multifamily development in Richardson, indicating a continuing development effort in the city.

Dallas-Fort Worth Multifamily Market Context

Trailstone begins construction as Dallas-Fort Worth's multifamily market works through a period of heavy deliveries. In the second quarter of 2026, the region recorded 24,978 units of absorption, and occupancy rose from 93.2% to 93.8%. Average monthly rent increased to $1,496, though rents remained down 2.6% year over year because of elevated supply.

A separate third-quarter 2026 report put Dallas-Fort Worth vacancy at 9.4%, down from a 10.0% peak in the first quarter. Effective rents averaged $1,461 per unit, down 2.0% year over year.

The supply outlook is shifting. Quarterly net absorption of roughly 12,000 units outpaced about 6,200 deliveries, and the construction pipeline declined to about 43,300 units, down 43% from its 2023 peak. Deliveries are expected to reach their lowest level since 2022.

Richardson Submarket Conditions

Richardson was among the Dallas-Fort Worth submarkets with occupancy of at least 94.6% in the second quarter of 2026, above the regional rate, and ranks among the more active cities in the region for multifamily development and investment. Third-quarter data showed 744 units under construction in Richardson and a submarket vacancy figure of 15.2%, compared with 9.4% across Dallas-Fort Worth. The two measures reflect different reporting periods and may reflect differing submarket boundaries or methodologies.

Dallas-Fort Worth multifamily capitalization rates average approximately 5.25%, with newer properties trading about 75 basis points tighter than older assets.

Trailstone's garden-style design, nature preserve access and amenity package appear designed to differentiate it from other new supply as average regional rents remain below year-earlier levels.

Sources

• HL Communities / Holt Lunsford Commercial: https://holtlunsford.com/blog/trailstone-groundbreaking/