Contact
 Criterion Developing Prototype Apartments in Richardson's Telecom Corridor
 

Dallas- Criterion Property Company, L.P. is constructing the company’s Resort Living Series prototype in the Richardson Telecom Corridor with an emphasis on Green Building principles.  The Pradera-Luxury Resort Living  is comprised of 360 apartment homes located at the southwest corner of Custer Road and 190/Bush Tollway. 

 

Criterion’s Vice President and Texas Region Partner, Jason Leeds, explained the company’s new concept:  “The Resort Living Series emulates the lavish settings and sense of escape associated with luxury resorts; Criterion believes that The Resort Living Series will be paramount in distinguishing its apartment home communities.”

 

The buildings have been placed along and will interact with a new, 4-lane, divided road: Greenside Drive which will serve as the “main street” for the development while providing an urban streetscape that encourages pedestrian activity.  The site is ideally located in close proximity to shopping, dining and employment venues as well as a future DART rail station. 

 

The Pradera will offer another new concept space called “Las Sombras” which will feature multiple gathering spaces covered with arbors and evergreen vines.  Las Sombras will also have a covered outdoor living space with an oversized fireplace, plasma TVs and flexible seating arrangements with free Wi-Fi internet access.  Some of the amenities at The Pradera include: seven unique pocket parks, xeriscape landscaping for water conservation, private front yards, outdoor kitchen with grilling stations, lagoon pool and spa lounge, and private poolside cabanas.

 

The Pradera is comprised of two and three -story buildings with a high percentage of attached garages.  The architectural style of the buildings is a blend of Prairie and Hill Country styles with an emphasis on green building products. 

 

Project interior finishes and features include distinctive one, two and three-bedroom floor plans, spacious nine and ten-foot ceilings, interior arches, granite countertops, contemporary custom millwork, built-in refrigerators and pantries, stainless steel appliances, spacious walk-in closets and extra storage spaces.  

 

Trammell Crow Company Acquisitions II, LP, a real estate investment fund sponsored by Trammell Crow Company, provided the development equity, and Wachovia Bank, Dallas, TX, provided debt financing for the development.

 

Criterion’s investment plans center in the cities surrounding areas of Dallas, Austin, Denver, Boston, Philadelphia, New York metro area, Washington, D.C., and, Atlanta. In these areas, Criterion will seek to identify multifamily development opportunities in “smart growth” areas, which are mixed-use areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.

 

About Criterion:  Criterion Property Company (www.criteriondp.com) is a real estate operating company specializing in the development, construction management, asset management and disposition of multifamily communities.  Dedicated to conducting all business with the utmost honesty and integrity, Criterion’s mission is to enhance and maximize the value of its assets for partners, lenders, investors, and employees.  With offices in Dallas and Boston, Criterion is actively seeking multifamily investment opportunities in the Northeast, Southeast and Texas. Criterion’s investments plans center in the cities surrounding areas of Dallas, Austin, Denver, Boston, Philadelphia, New York metro area, Washington D.C., and Atlanta. In these areas, Criterion will seek to identify multifamily development opportunities in “smart growth” areas, which are mixed-used areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.

 

About Trammell Crow Company’s Acquisition Funds: Trammell Crow Company sponsored investment funds target the acquisition of value-added and opportunistic real estate investments for the benefit of institutional and high-net-worth investors. Dedicated to building for their investors by leveraging their unique sourcing and execution capabilities to acquire assets, at the right going price, and to do the asset heavy lifting required to unlock value.

 

About Trammell Crow Company: Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate. It has developed or acquired over 500 million square feet of buildings with a value exceeding $50 billion. As of June 30, 2008, Trammell Crow Company had over $9.9 billion of projects in process or in its pipeline. Trammel Crow Company’s teams are dedicated to building value for its clients through creative solutions and highly skilled, locally connected professionals in approximately 30 major cities throughout the US and Canada. Trammel Crow Company serves users of, and investors in, office, industrial, retail, healthcare, student housing, on-airport distribution, multi-family residential, and mixed use projects. Trammell Crow Company is an independently operated subsidiary of CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm (based on 2007 revenues).