Carleton Residential to build new apartments on historic Samuels Avenue

Posted Friday, Jun. 21, 2013  comments  Print Reprints
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Dallas-based Carleton Residential Property has acquired an 8-acre tract along Samuels Avenue in Uptown where it plans an apartment community with 234 units, some with views of downtown.

The development is tentatively being called Trinity Bluffs Urban Residences, but developer Printice Gary said another name that better reflects the neighborhood’s history will be chosen.

The community will have two buildings with a resort-style pool and courtyard in between, and below-ground parking for residents.

One building will be four stories, with 103 units, and face Samuels Avenue, while the second will be an 11-story concrete building on the slope of the bluff on the Trinity River side. It will be far enough back from the river and not on the levee, Gary said.

The one- and two-bedroom units will range in size from 783 square feet to 1,600 square feet. Rents haven’t been set, but they will be market rate, he said. In the fourth quarter, the average downtown rent per square foot was $1.56, according to Downtown Fort Worth Inc.’s 2012 State of Downtown report.

Construction should begin in October with the first apartments ready for tenants about 13 months later, Gary said. The apartments will be adjacent to a Lincoln Property townhome development in the 700 block of Samuels Avenue.

“We’ve been working on the development for over a year,” Gary said. “It will blend in with the neighborhood. We haven’t determined facade colors yet but it will be brick and stucco with some metal and steel.”

Carleton bought 3.5 acres from three sellers, a homeowner and two nonprofits, and the remaining 4.5 acres from Tom Struhs. Struhs, along with partners Elizabeth Falconer and Rudy Renda, assembled more than 40 acres more than a decade ago with a vision to redevelop the city’s first neighborhood with apartments, condos, shops and restaurants.

A good portion of the neighborhood, northeast of downtown, has since been redeveloped with apartments, condos and a hotel.

“There are close to 1,000 units built or under development in Uptown, so this site made complete sense for a multifamily developer,” said David Tuttle, with Tuttle Commercial, who represented three sellers.

Gary is familiar with the downtown market. In 2005, he developed the nearby 210-unit The Depot apartments. His company is also serving as general contractor on the Knights of Pythias residential redevelopment at Second and Crump streets, and on the redevelopment of the Hunter Plaza public housing property at West First and Burnett streets.

“It’s a very orderly market,” Gary said of downtown.

In Fort Worth, Cartleton has built Overton Ridge Townhomes, Stonegate Villas, Legacy Townhomes, Monticello Oaks, The Heights and Marina Club Apartments.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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