Investment Summary
Site: 9601 White Rock Trail, Dallas, TX 75238
StoryBuilt is pleased to offer the opportunity to invest up to $4,000,000 of limited partner equity to fund the acquisition and pre-development activities for 36 single family home lots on 4.59 acres in the Lake Highlands area of Dallas, Texas. Investors will receive a 6% fixed preferred return plus a 3% finished lot price participation based on an anticipated 9-18 month hold.
Goose will consist of 36 well-designed detached modern homes (between 2,200-2,800 SF), with a lush and well programmed common amenity at its core designed to foster the type of “community” that StoryBuilt’s developments are known for. Goose’s central amenity will be comprised of a variety of spaces that promote a multitude of activities appealing to both families that seek daily interactions with their neighbors and empty nesters wanting a special area to host family visits.
Market Highlights
Situated in one of Dallas’ most desirable, family-oriented neighborhoods, Goose will provide homeowners access to one of the city’s top elementary schools while delivering a unique urban living experience. Conveniently located, the site is in proximity to many of Dallas’ premier family friendly commercial and outdoor amenities such as, White Rock Lake, North Park Mall, The Hills Shopping Center and the popular White Rock Trail which connects to Dallas’ extensive trail system.
The site’s most important draw is the elementary school for which it’s zoned. White Rock Elementary is one of Dallas’ top 3 public elementary schools.
StoryBuilt also plans to be the only new home community in this submarket at the time of vertical construction. Lake Highland represents 10% of all new home sales above $500,000 in the city of Dallas in 2021 and 2022. Goose will be positioned to deliver this elevated living experience while remaining substantially at a discount to the custom homes found in the submarket.
While having much to offer, and attracting home buyers from across the DFW metroplex, Lake Highlands has struggled to increase new home supply, a fact that StoryBuilt is poised to take advantage of. Due in part to existing housing stock of relatively large homes that were built in the 70’s and 80’s, custom homebuilding is limited to a small percentage of inventory and with price points which surpass many young family’s budgets. That, coupled with the completion of the only two other new home communities in the submarket, provide StoryBuilt with a window of opportunity to be the only homebuilder delivering the only new homes to this submarket.
Lake Highlands has a long history of providing quality living to many Dallas families, however, more recently it has become the go to neighborhood for moderately affluent families seeking a central location that can deliver an unparalleled lifestyle at an accessible price point. In addition, the submarket has seen the renovation and redevelopment of a number of commercial centers that have brought exciting new business to the area. The Hills shopping center was renovated in 2018 and brought in a slew of family-oriented restaurants, such as Hat Creek Burgers, Taco Deli, Unleavened Fresh Kitchen and other Food & Beverage tenants such as Civil Pour and Houndstooth Coffee. Creekside with its anchor, Alamo Draft House is only 1.5 miles away.
