Trademark and Morgan Break Ground on 362-Unit Oak Lawn Apartment Community in Dallas
DALLAS — Trademark Property Company and Morgan broke ground Nov. 4 on a 362-unit Class A multifamily community at 3900 Lemmon Avenue in Dallas' Oak Lawn neighborhood, adjacent to Turtle Creek, the firms announced. The first residences are expected to be completed in fall 2028, with full delivery in the second quarter of 2029.
Trademark and Morgan Development at 3900 Lemmon Avenue
The community will occupy a 3.02-acre full city block bounded by Lemmon Avenue, Throckmorton Street, Reagan Street and Bowser Avenue. The podium-style development will include three-, five- and seven-story building components, designed by GFF. At 362 units on 3.02 acres, the project works out to roughly 120 units per acre.
Residences will include studio and one-, two- and three-bedroom floor plans. Homes will feature quartz countertops, herringbone tile backsplashes, brushed nickel fixtures, LED lighting, solar shades, in-home washers and dryers, and walk-in closets. Select floor plans will offer dens, balconies or large private patios, and select ground-level homes will have street-facing stoops and private yards.
The amenity program includes a rooftop resort-style pool and outdoor spa; a fitness center with a private studio, sauna and cold plunge; a pocket park with preserved trees; two additional courtyards; a clubroom and coffee bar; coworking areas; a golf simulator and virtual gaming area; a dog park and dog wash; EV charging stations; cold storage for grocery and food deliveries; a package room with return-valet service; and indoor bike storage.
Partnership Structure and Project Team
The community is being developed through a co-general partnership between Trademark and Morgan. Trademark, which has developed properties across Texas and the country for more than 30 years, led the site's rezoning process. It worked with the Oak Lawn Committee, neighborhood stakeholders and the City of Dallas on a plan the Dallas City Council unanimously approved in 2024. The partners acquired the roughly three-acre site from H-E-B through a joint venture.
Morgan, a third-generation family business with 65 years of multifamily experience, will also serve as the project's developer, general contractor and property manager. The project team also includes SJL Design Group as interior designer and LandDesign as landscape architect.
"Getting this development to this point took many years of hard work, collaboration and persistence, and we are thrilled to reach this milestone," said Chad A. Colley, Multifamily and Mixed-Use Partner at Trademark Property Company. "The project is better because of the time and thoughtful input we received from the Oak Lawn Committee, community stakeholders, the City Plan Commission, and the Dallas City Council."
"The opportunity to develop a full city block in Oak Lawn, adjacent to Turtle Creek, is rare, and Trademark put in the time and care to build a plan this neighborhood could support," said Stephen Frazee, Morgan's DFW City Development Partner. "We are pairing that foundation with the multifamily design, construction, and management experience Morgan has built over three generations to deliver a community that meets the standard this location deserves."
Oak Lawn Location
The Lemmon Avenue site places residents near the Katy Trail, Turtle Creek Park, Uptown and Highland Park, and minutes from the Southwestern Medical District and Dallas Love Field Airport.
Dallas-Fort Worth Multifamily Market Context
The groundbreaking comes as the Dallas-Fort Worth multifamily market shows signs of rebalancing after a period of heavy supply. In the second quarter of 2026, net absorption reached approximately 12,000 units, nearly twice the roughly 6,200 units delivered, and the construction pipeline had fallen to about 43,300 units, 43% below its 2023 peak.
In the third quarter, Cushman & Wakefield reported Dallas-Fort Worth vacancy at 9.4%, down from a 10% high in the first quarter. Effective rents averaged $1,461 per unit, 2% below the prior year but representing the smallest annual decline since early 2024.
Class A properties have outperformed lower-quality product. Northmarq reported that Class A rents rose 1.3% quarter over quarter in the second quarter and had posted year-over-year growth for three consecutive quarters, while Class C rents declined 0.6%. Development has also concentrated in submarkets north of Dallas, while Intown Dallas has expanded at a pace below the broader market average.
Northmarq expects deliveries to reach their lowest level since 2022, with a return to year-over-year rent growth by the end of 2026. The project's 2028-29 delivery window falls after the current peak-delivery period.
Capital Markets Backdrop
Financing conditions remain more expensive than during the ultra-low-rate period. Multifamily cap rates averaged approximately 5.25% in Northmarq's second-quarter data, with newer assets trading about 75 basis points tighter than older properties. Matthews reported a 5.66% average DFW multifamily cap rate in the third quarter, up for 19 consecutive quarters and 111 basis points above the fourth-quarter 2021 low.
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